China Banking Corporation (China Bank) has received approval from the Philippine Stock Exchange (PSE) on the issuance of China Bank shares to China Bank Group employees under the Bank’s 2020 Centennial Stock Grant Plan.
The Bank has issued a total of 5,388,400 shares to a total of 8,321 grantees as of September 1, 2021. The shares will be listed on the PSE soon.
The Centennial Stock Grant Plan was approved by the Bank’s Board of Directors on August 5, 2020 and September 2, 2020 as part of the Bank’s centennial celebration, and was ratified at the special stockholders’ meeting on October1, 2020.
Employees with at least one year of service as of the Bank’s 100th anniversary last year, August 16, are entitled to 100 shares for every year of service. Grantees have to hold on to the shares for a minimum of two years. If they want to sell the shares, they can only do so after August 16, 2022. Employees can buy additional shares anytime.