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New Philippines business on the cards for ANZ

New Philippines business on the cards for ANZ

(Philippines) ANZ has continued its expansion into markets outside of Australia and New Zealand by purchasing 40 percent of Metrobank Card Corporation, the credit card subsidiary of Philippines’ largest bank. ANZ managing director, Consumer Finance, Brian Hartzer said the credit card market in the Philippines was "relatively underdeveloped" as only 3.5 million credit cards had been issued in a country of 77 million people.

He said the market was expected to grow at up to 15 percent annually over the next decade.

The bank said the investment in Metrobank’s card business represented a small step on the way to establishing a "small portfolio of lower-risk, growth options in Asia over the medium to long term".

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