China Bank extends Metavante core banking deal

Source: Metavante

Metavante (NYSE:MV), a leading provider of banking and payments technology, today announced that China Banking Corporation (China Bank) of the Philippines is extending its core banking relationship with Metavante Corporation.

Established in 1920 with assets now exceeding USD 4.0 billion, China Bank is the fourth largest publicly listed bank in the Philippine Stock Exchange by market capitalization.

China Bank has been a Metavante Bankway International client since 1995. As part of its extensive expansion plans, China Bank acquired Manila Bank in June 2007 and has successfully integrated all of the bank's branches and ATMs into the China Bank system. Metavante's banking technology software will be deployed in this increased network of 200 branches and 286 ATMs located throughout the Philippines. Bankway International software will continue to support China Bank in serving its nearly 750,000 accounts.

"In our pursuit to consistently deliver quality services to meet our customers' financial needs and exceed their rising expectations, we continue to look for efficient and enhanced ways to serve our customers," said Ricardo R. Chua, executive vice president and chief operating officer, China Bank. "By replacing the existing technology in our branches with Metavante's core processing solution, we are improving our processes and providing an improved customer experience."

Bankway International is a comprehensive core banking package that uses a single-system, customer-centric architecture built upon a solid multi-lingual and multi-currency foundation. It offers financial institutions a powerful, secure global core processing solution with the advantage of strategically organized customer service tools delivered to the end-user using the latest browser technology.

"Metavante's expanded presence in the Philippines supports our continued commitment to grow our business internationally," said Donald W. Layden, Jr., president, Metavante International Group. "China Bank is one of a growing number of progressive international financial institutions capitalizing on the strategic investments Metavante is making into our solutions - which allows us to deliver cutting-edge technology that is scalable to meet the changing needs of an evolving market."

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