Metrobank accepts BSP decision

Metropolitan Bank and Trust Co. (Metrobank) yesterday said that the unfortunate internal fraud case is an isolated incident and that no client of theirs lost any money because of this.

“After conducting a 100 percent 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,” Metrobank said in a statement right after the Bangko Sentral ng Pilipinas (BSP) released its own announcement in connection to the Metrobank sanctions.

Metrobank said improvement on its systems and regular reviews has enabled it to detect the fraudulent act. “The bank’s control framework remains effective and even stronger,” it said, emphasizing its R2 trillion worth of assets and R210 billion of equity. “The bank has proactively absorbed the entire amount (R1.75 billion) related to this incident in the third quarter. Despite this, the growth momentum of the bank remains robust and results for the year are ahead of plan.”

With regards to the BSP’s sanctions including the higher operational risk cover of R4.45 billion, Metrobank said that its board and senior management “accept accountability and command responsibility for the incident and commits to implementing the directives.” (LCC)