First Metro Investment Corporation (FMIC) was incorporated on August 30, 1972 and started business operations as an investment house with quasi-banking functions in May 1974. In 2000, Metropolitan Bank & Trust Company (MBT) bought a majority stake in Solidbank but subsequently decided to merge the bank with its investment banking subsidiary, First Metro Investment Corporation. The said merger, which was approved by the Securities and Exchange Commission on September 22 of the same year, provided that Solidbank shall be the surviving entity to be renamed First Metro Investment Corporation. The merged corporation retained its quasi-banking license but gave up its license to engage in commercial banking activities. The Bangko Sentral ng Pilipinas officially gave its nod on the merger on November 8, 2000. FMIC is the investment banking arm of MBT and performs three strategic functions, namely, investment banking, treasury operations, and investment advisory. The company's principal products and services consist of underwriting, syndicated loans, project financing, government securities and commercial paper dealerships, financial advisory/consultancy, trading and investment advisory, and short and long-term loans. FMIC's significant subsidiaries and affiliates include First Metro Securities Brokerage Corporation, PBC Capital Investment Corporation, First Metro Insurance Brokers Corporation, Prima Ventures Development Corporation, FMIC Equities, Inc., SBC Properties, Inc., First Metro Asset Management, Inc., Philippine Axa Life Insurance Corporation, Skyland Realty Corporation, and First Metro International Investment Corporation, Ltd., among others. Source: SEC Form 17-A (2008)