THE Ty family-led Metropolitan Bank & Trust Co. (Metrobank) announced it has extended P20.5 billion in loans to two business units of the Aboitiz family’s flagship holding firm Aboitiz Equity Ventures (AEV).
The bulk of the loans worth P15 billion was extended to Therma Luzon Inc., which is under AEV’s power business subsidiary Aboitiz Power Corp. while the remaining P5.5 billion was extended to LIMA Land Inc., a part of AEV’s infrastructure business subsidiary Aboitiz InfraCapital Inc.
Therma Luzon aims to use the loan to refinance its general corporate requirements while LIMA Land aims to bankroll the expansion of its real estate business in the LIMA Estate ecozone.
Metrobank handed Therma Luzon a custom-made artwork titled “Power.” “Power” is intended to be a symbol of progress and AEV through Therma Luzon is a strong advocate of empowering Filipinos.
“The sculpture represented power to the people,” the lender said.
For LIMA Land, Metrobank gave a custom-made sculpture, “forged to symbolize the company’s pursuit for building infrastructures to promote growth and expansion aimed to improve the condition of the modern Filipino.”
Metrobank is the country’s second-largest private universal bank. As of end-September 2022, its capital ratios are among the highest in the industry, with total capital adequacy ratio at 17.2 percent and Common Equity Tier 1 (CET1) ratio at 16.3 percent.
Meanwhile, the bank’s consolidated assets stood at P2.7 trillion, making it one of the strongest and well-capitalized banks in the country.