Metropolitan Bank and Trust Co. (Metrobank), the country’s second-largest bank, has been hit by internal fraud that a senior official allegedly perpetrated, causing it to lose at least P900 million.
The Inquirer learned that Metrobank, owned and controlled by George Ty, may have lost as much as P2.5 billion after a bank vice president allegedly funneled disbursed loans into fictitious accounts created in the name of a legitimate client, Universal Robina Corp.
The funds in the fake accounts, controlled by the rogue officer, were then siphoned off electronically to other accounts in other financial institutions and into the pockets of the
suspect.
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An internal investigation has yet to determine whether the officer was acting alone or in league with others.
BSP probe
