CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC RULE 17.2(c) THEREUNDER
1. Date of Report (Date of earliest event reported)
Nov 28, 2017
2. SEC Identification Number
20573
3. BIR Tax Identification No.
000-477-863-000
4. Exact name of issuer as specified in its charter
Metropolitan Bank & Trust Company
5. Province, country or other jurisdiction of incorporation
Metro Manila
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
Metrobank Plaza, Sen Gil Puyat Ave., Makati CityPostal Code1200
8. Issuer's telephone number, including area code
02-898-8000
9. Former name or former address, if changed since last report
n/a
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class
Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common shares
3,180,172,786
11. Indicate the item numbers reported herein
1
The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.
Metropolitan Bank & Trust CompanyMBT
PSE Disclosure Form 4-30 - Material Information/Transactions References: SRC Rule 17 (SEC Form 17-C) and Sections 4.1 and 4.4 of the Revised Disclosure Rules
Subject of the Disclosure
Official Statement
Background/Description of the Disclosure
BSP Concludes Examination of MBTC fraud case
MBTC acknowledges the examination concluded by the BSP on the 1.75B internal fraud case.
The bank appreciates the BSP’s affirmation of MBTC’s strong financial condition, safety and soundness. The board and senior management accept accountability and command responsibility for the incident and commits to implementing the directives. MBTC assures the public that bank operations remain business as usual.
After conducting a 100% audit, the bank reiterates that no customer was affected. This is an isolated incident. The perpetrator acted alone and for her sole benefit. She has been apprehended and cases against her have been filed.
MBTC proactively reviews and improves its systems, which is exactly how the fraud was detected. The bank’s control framework remains effective and even stronger. Thus, the BSP recognized the immediate actions taken by MBTC, as well as the medium to long-term initiatives that will serve to further improve governance, compliance, and control.
With P2.0 trillion in assets and P210 billion in equity, MBTC is in a strong position to set aside P4.45 billion of capital reserve in line with the BSP’s directive. In addition, the bank has proactively absorbed the entire amount related to this incident in the 3Q. Despite this, the growth momentum of the bank remains robust and results for the year are ahead of plan.
Other Relevant Information
See attached BSP Media Release issued on BSP website today