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About China Bank

Company Profile

Company Profile
A Matter of Trust - A China Bank Story

China Banking Corporation (China Bank) is one of the leading private universal banks in the Philippines. We offer a full range of banking products and services to institutional (corporate, middle market/commercial, SMEs) and individual (retail, mass affluent, high net worth) customers, as well as thrift banking, investment banking, insurance brokerage, and bancassurance through our subsidiaries China Bank Savings, China Bank Capital, China Bank Securities, Chinabank Insurance Brokers, and Manulife China Bank Life Assurance.    

Established in 1920 as one of the first privately-owned local commercial bank, China Bank has an in-depth understanding of the way entrepreneurs and businessmen do business.  While maintaining very close multi-generational relationships with the Chinese-Filipino community, we have since expanded the scope of our products and services to cover all market segments as we pursue ways to create greater value for the future.

The China Bank stock (PSE: CHIB) is listed on the Philippine Stock Exchange (PSE).  We are a member of the SM Group, one of the largest conglomerates in the Philippines.

Brief History

China Bank was founded by Dee C. Chuan, a leading business leader and philanthropist, Don Albino Sycip, known as the Dean of Philippine Banking, and ten other prominent businessmen of the era.  The Bank opened for business on August 16, 1920 on Calle Rosario—what is now Quintin Paredes St., Binondo. With a modern Chinese organization structure, and guided with an in-depth understanding of the way Chinese merchants do business—like operating on the principle of xinyong or trustworthiness—China Bank steadily grew and flourished.  However, when Japan invaded Manila in 1942, the Bank was liquidated by the Japanese Military authorities. We reopened on July 23, 1945 and played a key role in post-World War II reconstruction and economic recovery by lending heavily to businesses and entrepreneurs in critical industries.

Since then, a succession of highly capable leaders and visionaries steered the Bank into decades of successful operations. China Bank was among the first local banks listed on the Manila Stock Exchange in 1927, the first in Southeast Asia to process deposit accounts on-line in 1969, and the first to offer telephone banking in the Philippines in 1988.

Driven to be a catalyst of wealth creation, China Bank has been growing and improving to serve customers better.  We embarked on an aggressive branch network expansion program in 2006, quadrupling the number of branches from 148 in 2006 to 631 as of March 2021 (including 158 China Bank Savings branches).  This wide branch network is complemented by electronic banking channels that provide secure and reliable 24/7 banking service: 1,026 ATMs, China Bank TellerPhone, China Bank Online, and China Bank Mobile Banking App.

With a century of solid financials, strong commitment to quality service, significant contribution to the country’s financial landscape, and an enduring legacy of successful partnerships with generations of clients, China Bank remains one of the most respected, trusted, stable, and profitable financial institutions in the country. 

Recent Developments

Corporate governance excellence
China Bank again emerged as one of the top winners in the Philippines at the ASEAN Corporate Governance Scorecard (ACGS) Awards of the ASEAN Capital Markets Forum (ACMF), held virtually on January 29, 2021. The Bank was distinguished as one of the top 3 publicly listed companies (PLC) in the Philippines, among the top 20 in ASEAN, and an ASEAN Asset Class awardee. In 2018, the Bank was also ranked by the ACMF as one of the top 3 PLCs in the Philippines and among the top 50 in ASEAN.

In February 2021, the Institute of Corporate Directors, the domestic ranking body for the ACGS, held its virtual Golden Arrow Awards to recognize the best-governed companies in the country. China Bank again won a 4-Golden Arrow Award. The Bank was also among the recipients of the 4-Golden Arrow Award in ICD’s 1st Golden Arrow Awards in 2019.

Centennial Stock Grant Plan
In recognition of the valuable contribution of employees in China Bank’s achievements and in celebration of the Bank’s 100th Anniversary, the Board of Directors approved on August 5, 2020 the Centennial Stock Grant Plan wherein regular employees (regardless of rank and position) of the China Bank Group as of August 16, 2020, will be given 100 China Bank shares for each year of service. This was subsequently ratified by the stockholders during the Special Stockholders’ Meeting held virtually on October 1, 2020. The equity gift involves the issuance of 5.6 million shares worth P115.36 million, based on the closing price as of August 26, 2020.

Fixed-rate bonds
China Bank raised P20 billion from the issuance of three-year fixed-rate Peso bonds, four times the original offer of P5 billion on the back of overwhelming demand from individual and institutional investors. The bond issuance is the first from a financial institution in the country in 2021.

The bond issuance is the second drawdown under the Bank’s P45-billion bond and commercial paper program established in September 2020. The proceeds from the offer will be used to support China Bank’s strategic initiatives and expansion programs. In October 2020, the Bank raised P15 billion in two-year bonds under the same program.

Investment grade credit rating
In November 2020, Moody’s Investors Service retained China Bank’s investment grade long-term foreign currency counterparty risk and long-term foreign currency deposit ratings, assigning Baa2 rating with stable outlook. The credit rating is the same level as the Philippine sovereign rating. Moody’s noted that China Bank’s ratings are underpinned by stable capitalization and profitability, as well as strong support from key shareholders. The rating action also took into account Moody's expectation of risks to the Bank's asset quality from the economic shock caused by the coronavirus.

China Bank Mobile App
China Bank Mobile App was named Mobile Banking and Payment Initiative of the Year (2020) by the Asian Banking & Finance Magazine, a leading publication for banking and finance executives in Asia. A new feature was launched in the same year, Pay-to-Cash, which makes it convenient and secure to send money to anyone with a mobile number, even if he or she doesn’t have a bank account.

P30 billion retail bonds maiden issue
In July 2019, China Bank raised P30 billion through its maiden issue of fixed rate bonds. It is one of the largest corporate bond issuances on a single issuance in the market to date, a clear indication of solid client and investor support. A follow-up to its successful P10.25 billion Long-Term Negotiable Certificates of Time Deposit (LTNCD) offer last year, the largest single LTNCD issuance for 2018, China Bank is issuing up to P20 billion LTNCD to support its asset generation plans and expansion programs. These fund-raising activities not only bode well for China Bank’s future, but also affirm its commitment to providing customers with higher yielding investment alternatives to help them make the most of their hard-earned money.

Binondo Heritage Restoration project
For 2019, the bank has begun the reconstruction and restoration of the Bank’s Binondo Business Center, its historic original headquarters built in the 1920s. The Binondo Heritage Restoration Project will seek to recapture the original architecture of the center when it was first constructed, which has since been lost to various remodelling efforts after WWII. The building will also be retrofitted to comply with modern safety standards. The project is slated for completion in time for the Bank’s centennial celebration in 2020.

Green Bond
In October 2018, the Bank inked a US$150-million agreement to issue a bond to International Finance Corporation (IFC), the sole investor, in order to fund a fresh wave of environmentally-beneficial projects to mitigate climate change. The bond proceeds will be used to finance climate-smart projects, including renewable energy, green buildings, energy efficiency, and water conservation, in accordance with the Green Bond Principles.

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