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{{Infobox company
{{Infobox company
| name = China Banking Corporation
| name = China Banking Corporation
| logo = Chinabank logo.svg
| logo = Chinabank 2024.svg
| logo_size =
| logo_size =
| image = Chinabank Makati.jpg
| logo_caption = Logo in use from 1920 until the present
| image_caption = Chinabank's main branch in [[Makati]]
| type = [[Public company|Public]]
| type = [[Public company|Public]]
| traded_as = {{Pse|CHIB}}
| traded_as = {{Pse|CHIB}}
| foundation = {{Start date and age|1901|01|01}} ([[Manila]], [[Insular Government of the Philippine Islands|Philippine Islands]])<br>{{Start date and age|1920|07|26}} ([[Manila]], [[Insular Government of the Philippine Islands|Philippine Islands]])
| foundation = {{Start date and age|1920|08|16}} in [[Manila]], [[Insular Government of the Philippine Islands|Philippine Islands]]
| location = Chinabank Building, 8745 [[Paseo de Roxas]] corner Villar Street, [[Makati|Makati City]] 1227, Philippines
| hq_location = Chinabank Building, 8745 [[Paseo de Roxas]] corner Villar Street
| hq_location_city = [[Makati]]
⚫
| locations = 640 [[Branch (banking)|branches]]<br /> 1,044 [[Automated teller machine|ATMs]] (2022)
| hq_location_country = [[Philippines]]
⚫
| key_people = Hans T. Sy, (Chairman) <br /> Gilbert U. Dee, (Vice Chairman) <br /> Romeo D. Uyan Jr., (President and CEO)
⚫
| locations = 648 [[Branch (banking)|branches]]<br /> 1,069 [[Automated teller machine|ATMs]] (2023)
⚫
| num_employees = 10,237 (2022)
⚫
| key_people = Hans T. Sy, (Chairman) <br /> Gilbert U. Dee, (Vice Chairman) <br /> Romeo D. Uyan Jr. (President and CEO)
⚫
| num_employees = 10,662 (2023)
| industry = Finance
| industry = Finance
| services = [[Banking]]
| services = [[Banking]]
| revenue = {{Philippine peso|67.27 billion|link=yes}} (2022)
| revenue = {{Philippine peso|79.9 billion|link=yes}} (2023)
| equity = {{Philippine peso|135 billion}} (2022)
| equity = {{Philippine peso|150.0 billion}} (2023)
| rating = Moody's: Baa2; PhilRatings: PRS Aaa(corp)
| homepage = {{URL|https://www.chinabank.ph|www.chinabank.ph}}
| homepage = {{URL|https://www.chinabank.ph|www.chinabank.ph}}
| operating_income = {{Philippine peso|55.65 billion}} (2022)
| operating_income = {{Philippine peso|54.0 billion}} (2023)
| net_income = {{Philippine peso|19.1 billion}} (2022)
| net_income = {{Philippine peso|22.0 billion}} (2023)
| assets = {{Philippine peso|1.3 trillion}} (2022)
| assets = {{Philippine peso|1.5 trillion}} (2023)
}}
}}
'''China Banking Corporation''' ({{Zh|s=中兴银行|t=中興銀行|p=Zhōngxīng Yínháng|poj=Tiong-heng Gûn-hâng}}; {{Pse|CHIB}}), commonly known as '''Chinabank''', is a [[Filipinos|Filipino]] bank established in 1920. It was the first privately owned local commercial bank in the [[Philippines]] initially catering to the banking needs of [[Chinese Filipino]] entrepreneurs. The bank offers a wide range of banking services, including deposits, investments, trust, cash management, remittance, and loans. It also offers insurance brokerage, stock brokerage, and bancassurance services through its subsidiaries and affiliate.
'''China Banking Corporation''' ({{Zh|s=中兴银行|t=中興銀行|p=Zhōngxīng Yínháng|poj=Tiong-heng Gûn-hâng}}; {{Pse|CHIB}}), commonly known as '''Chinabank''', is a [[Filipinos|Filipino]] bank established in 1920. It was the first privately owned local commercial bank in the [[Philippines]] initially catering to the banking needs of [[Chinese Filipino]] businesspeople. It offers various banking services and products related to deposit, investment, trust, cash management, remittance, and financing products and services. It also offers insurance brokerage, stock brokerage, capital markets, and bancassurance services through its subsidiaries and affiliate.


Chinabank was named Best Bank in the Philippines and its investment house arm Chinabank Capital was awarded Best Bond Adviser (Domestic) by The Asset at the Triple A Country Awards 2021.<ref>{{cite news |last=Dumlao-Abadilla |first=Doris |date=January 8, 2022 |title=China Bank named best bank in PH |work=Philippine Daily Inquirer |url=http://business.inquirer.net/338410/china-bank-named-best-bank-in-ph}}</ref> It was also recognized as among the Top 20 ASEAN Publicly Listed Companies, as an ASEAN Asset Class, and among the Top 3 Publicly Listed Companies in the Philippines by the ASEAN Capital Markets Forum in 2022<ref>{{Cite news |last=Loyola |first=James |date=December 8, 2022 |title=China Bank bags 3 ASEAN Corporate Governance awards |work=Manila Bulletin |url=https://mb.com.ph/2022/12/08/china-bank-bags-3-asean-corporate-governance-awards/}}</ref> and 2021.<ref>{{cite news |last=Agcaoili |first=Lawrence |date=February 18, 2021 |title=China Bank among top winners in ASEAN governance awards |work=Philippine Star |url=https://www.philstar.com/business/2021/02/18/2078466/china-bank-among-top-winners-asean-governance-awards}}</ref> Chinabank was also a recipient of the [[Institute of Corporate Directors]]' highest governance recognition, winning the 5-Golden Arrow Award for two years in a row in 2022 <ref>{{cite news |last= |date=March 2, 2023 |title=China Bank wins Five Golden Arrows for governance excellence |website=Manila Bulletin |url=https://mb.com.ph/2023/01/31/china-bank-wins-five-golden-arrows-for-governance-excellence |access-date=}}</ref> and 2023.<ref>{{Cite news |last=Loyola |first=James |date=October 5, 2023 |title=Chinabank bags 2nd Five-Golden Arrow Award |work=Manila Bulletin |url=https://mb.com.ph/2023/10/5/chinabank-bags-2nd-five-golden-arrow-award}}</ref>
Chinabank is the fourth largest private universal bank in the Philippines. It was named by The Asset as the Best Bank in the Philippines in 2021 <ref>{{Cite news |last=Dumlao-Abadilla |first=Doris |date=January 8, 2022 |title=China bank named best bank in PH |url=https://business.inquirer.net/338410/china-bank-named-best-bank-in-ph}}</ref> and by the People Management Association of the Philippines as the 2023 Employer of the Year.<ref>{{Cite news |date=October 30, 2023 |title=Chinabank is 2023 Employer of the Year |url=https://malaya.com.ph/news_special_feature/chinabank-is-2023-employer-of-the-year/}}</ref>

Chinabank is also one of the best-governed publicly listed companies. It was recognized by the ASEAN Capital Markets Forum (ACMF) as among the Top 20 ASEAN Publicly Listed Companies, as an ASEAN Asset Class, and as one of the Top 3 Publicly Listed Companies in the Philippines,<ref>{{Cite news |last=Loyola |first=James |date=December 8, 2022 |title=China Bank bags 3 ASEAN Corporate Governance awards |url=https://mb.com.ph/2022/12/08/china-bank-bags-3-asean-corporate-governance-awards/}}</ref> and by the Institute of Corporate Directors, as a Five-Golden Arrow awardee for the bank's corporate governance excellence.<ref>{{Cite news |last=Camus |first=Miguel |date=October 9, 2023 |title=Chinabank gets top corporate governance plum |url=https://business.inquirer.net/425526/chinabank-gets-top-corporate-governance-plum}}</ref>


==History==
==History==
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===Beginnings===
===Beginnings===
[[File:China Banking Corporation Building 05.jpg|thumb|250px|China Banking Corporation Building, the bank's former headquarters in [[Binondo]], [[Manila]]]]
[[File:China Banking Corporation Building 05.jpg|thumb|250px|China Banking Corporation Building, the bank's former headquarters in [[Binondo]], [[Manila]]]]
Chinabank, founded by [[Dee C. Chuan]], [[Albino SyCip]], Guillermo A. CuUnjieng, [[Carlos Palanca Sr.]] and other visionaries, opened its first office at No. 90 Rosario (now Quintin Paredes) Street, [[Binondo]] on August 16, 1920, with J.W. McFerran as the first general manager. Shortly afterward, Eugene E. Wing of the International Banking Corporation took over and managed Chinabank's operations until 1936. This mixture of cultures represented a seamless merger of Western and Eastern banking policies—an obvious lack during those days when financial institutions governed by Western policies declined credit loans of wealthy Filipino-Chinese businesspeople who operated on the principle of ([[Philippine Hokkien|Hokkien]] {{Zh|s=|t=|p=|poj=sìn-iōng|c=信用}}) or trustworthiness. Chinabank recognized the value of ''sìn-iōng'' and granted small loans and opened credit accounts with patrons and suppliers without demand for collateral. In 1924, the company completed its headquarters in [[Binondo]], the China Bank Building.<ref>{{cite web |url=https://www.chinabank.ph/about_china_bank.aspx?title=Binondo+Heritage+Restoration+Project |title=Binondo Heritage Restoration Project |publisher=China Banking Corporation |access-date=August 18, 2020 }}</ref>
Chinabank, founded by [[Dee C. Chuan]], [[Albino SyCip]], Guillermo A. CuUnjieng, [[Carlos Palanca Sr.]] and other visionaries, opened its first office at No. 90 Rosario (now Quintin Paredes) Street, [[Binondo]] on August 16, 1920, with J.W. McFerran as the first general manager. Shortly afterward, Eugene E. Wing of the International Banking Corporation took over and managed China Bank's operations until 1936. This mixture of cultures represented a seamless merger of Western and Eastern banking policies—an obvious lack during those days when financial institutions governed by Western policies declined credit loans of wealthy Filipino-Chinese businesspeople who operated on the principle of x''ìnyong'' ([[Philippine Hokkien|Hokkien]] {{Zh|s=|t=|p=|poj=sìn-iōng|c=信用}}) or trustworthiness. Chinabank recognized the value of x''ìnyong'' and granted small loans and opened credit accounts with patrons and suppliers without demand for collateral. In 1924, the company completed its headquarters in [[Binondo]].<ref>{{cite web |url=https://www.chinabank.ph/about_china_bank.aspx?title=Binondo+Heritage+Restoration+Project |title=Binondo Heritage Restoration Project |publisher=China Banking Corporation |access-date=August 18, 2020 }}</ref>
[[File:Guillermo_Araullo_Cu_Unjieng_family_graves3.jpg|100px|thumbnail|right|Dominga Ayala-Guillermo Araullo Cu Unjieng ([[Manila Chinese Cemetery]].]]
[[File:Guillermo_Araullo_Cu_Unjieng1.jpg|100px|thumbnail|right|Guillermo Araullo Cu Unjieng (Qui Yunheng)]]


Chinabank later opened two overseas branches in China, one in [[Amoy]] in 1925 and another in [[Shanghai]] in 1929. However, both branches closed in 1944 when political conditions in China became inimical to operations.
Chinabank later opened two overseas branches in China, one in [[Amoy]] in 1925 and another in [[Shanghai]] in 1929. However, both branches closed in 1944 when political conditions in China became inimical to operations.


When the [[Japanese occupation of the Philippines|Japanese occupational forces]] invaded Manila in 1942, Chinabank was closed. But in 1941, the bank began turning over assets to the [[High Commissioner to the Philippines|United States High Commissioner to the Philippines]] [[Francis Bowes Sayre Sr.]] for safekeeping, with the help of the officials of the US Treasury Department of Manila. With these overseas assets and the Bureau of Banking's full cooperation, Chinabank reopened in 1945 and listed on the [[Philippine Stock Exchange|Manila Stock Exchange]] in 1947, among the first local banks to do so.
When the [[Japanese occupation of the Philippines|Japanese occupational forces]] invaded Manila in 1942, Chinabank closed. However, by the end of 1941, the Bank had been making steady deposits and turning over assets to the [[High Commissioner to the Philippines|United States High Commissioner to the Philippines]] [[Francis Bowes Sayre Sr.]] for safekeeping, with the help of the officials of the US Treasury Department of Manila. With these overseas assets and the Bureau of Banking's full cooperation, Chinabank reopened in 1945 and was listed on the [[Philippine Stock Exchange|Manila Stock Exchange]] in 1947 as among the first local banks to be listed.


Chinabank played a key role in post-World War II reconstruction and recovery through its support to businesses and entrepreneurs in critical industries. It opened its first branch outside Manila in [[Cebu]] in 1949.
Chinabank played a key role in post-World War II reconstruction and recovery through its support to businesses and entrepreneurs in critical industries. It opened its first branch outside Manila in [[Cebu]] in 1949. In 1969, China Bank computerized its operations, becoming the first bank in Southeast Asia to process deposit accounts online. On the same year, its new headquarters, the 15-storey China Bank Building in [[Makati]], was completed.<ref>{{cite web|url=https://www.theurbanroamer.com/china-bank-centennial-legacy/|title=China Bank's centennial legacy|website=Urban Roamer|date=September 28, 2020|accessdate=August 8, 2022}}</ref> China Bank upgraded its online system in 1988 and launched the ''TellerCard'' ATM account and ''TellerPhone'', the first telephone banking service in the Philippines. In 1990, China Bank, along with seven other banks, set up [[BancNet]], currently the country's largest ATM network.


⚫
In 1991, Chinabank acquired its universal bank license, ushering an era of expanded banking operations. It launched its consumer loans in 1994, ''HomePlus Loan'' and ''AutoPlus Loan'', followed by ''China Check Plus'', an interest-earning checking account in 1996. In the same year, Chinabank accessed offshore capital markets for the first time by issuing {{US$|50-million|link=yes}} Floating Rate Certificate of Deposit (FRCD).
In 1969, Chinabank computerized its operations, becoming the first bank in Southeast Asia to process deposit accounts online. China Bank upgraded its online system in 1988 and launched the ''TellerCard'' ATM account and ''TellerPhone'', the first telephone banking service in the Philippines. In 1990, China Bank, along with seven other banks, set up [[BancNet]], currently the country's largest ATM network.


⚫
As Chinabank invested in new technologies, it launched its Cash Management services in 2004, followed by internet banking and remittance services in 2006. In the same year, with 146 branches at the time, it embarked on an aggressive branch network expansion program.
⚫
In 1991, Chinabank acquired its universal bank license, ushering an era of expanded banking operations. It launched its consumer loans in 1994, ''Chinabank HomePlus Loan'' and ''Chinabank AutoPlus Loan'', followed by ''China Check Plus'', an interest-earning checking account in 1996. In the same year, Chinabank accessed the offshore capital markets for the first time by issuing {{US$|50-million|link=yes}} Floating Rate Certificate of Deposit (FRCD).


===Growth through the years===
⚫
As Chinabank invested in new technologies, it launched its Cash Management services in 2004, followed by internet banking (''Chinabank Online'') and remittance services in 2006.

In the same year, Chinabank, with 148 branches at the time, embarked on an aggressive branch network expansion program. By its 90th year in 2010, the bank had nearly doubled its nationwide network to 269 branches.

===Recent developments===
[[File:Apalit San Simon Pampanga MacArthur Highway 22.jpg|thumb|A Chinabank branch in [[Apalit]], [[Pampanga]]]]
[[File:Apalit San Simon Pampanga MacArthur Highway 22.jpg|thumb|A Chinabank branch in [[Apalit]], [[Pampanga]]]]
[[File:Chinabank at the SM City Cebu (2024-02-10).jpg|thumb|A Chinabank branch at [[SM City Cebu]]]]
Chinabank has been involved in strategic alliances to expand and strengthen its operations. In 2007, the bank entered into a Bancassurance joint venture with The Manufactures Life Insurance Company, one of the leading insurance companies in the world, to form [[Manulife China Bank Life Assurance Corporation]] (MCBLife),<ref>{{cite news |last1=Torres |first1=Ted P. |title=Manulife bullish with China Bank joint venture |url=https://www.philstar.com/business/banking/2007/10/09/19505/manulife-bullish-china-bank-joint-venture |access-date=3 August 2023 |work=[[The Philippine Star]] |date=October 9, 2007 |archive-url=https://archive.today/20230803192547/https://www.philstar.com/business/banking/2007/10/09/19505/manulife-bullish-china-bank-joint-venture |archive-date=3 August 2023}}</ref> and acquired the majority shares in Manila Bank, one of the oldest savings banks in the country.<ref>{{cite news|url=https://www.philstar.com/business/2007/10/04/18320/china-bank-open-thrift-banking-unit|title=China Bank to open thrift banking unit|first=Ted P.|last=Torres|work=The Philippine Star}}</ref>
Chinabank has been involved in strategic alliances to expand and strengthen its operations. In 2007, it entered into a Bancassurance joint venture with the [[Manulife]], one of the leading insurance companies in the world, to form [[Manulife China Bank Life Assurance Corporation]] (MCBLife),<ref>{{cite news |last1=Torres |first1=Ted P. |title=Manulife bullish with China Bank joint venture |url=https://www.philstar.com/business/banking/2007/10/09/19505/manulife-bullish-china-bank-joint-venture |access-date=3 August 2023 |work=[[The Philippine Star]] |date=October 9, 2007 |archive-url=https://archive.today/20230803192547/https://www.philstar.com/business/banking/2007/10/09/19505/manulife-bullish-china-bank-joint-venture |archive-date=3 August 2023}}</ref> and acquired the majority shares in Manila Bank, one of the oldest savings banks in the country.<ref>{{cite news|url=https://www.philstar.com/business/2007/10/04/18320/china-bank-open-thrift-banking-unit|title=China Bank to open thrift banking unit|first=Ted P.|last=Torres|work=The Philippine Star}}</ref>

⚫
In 2008, Chinabank's thrift bank subsidiary China Bank Savings (CBS) began operations. CBS targets entry level and start-up customers to asset accumulators, offering products and services that match different life stages, like basic deposit products for those building up their savings, basic loan products to fund personal dreams, and investment products. In 2012, Chinabank acquired Pampanga-based Unity Bank, which was merged with CBS in 2014. The acquisition supported the Bangko Sentral ng Pilipinas' Strengthening Program for Rural Banks (SPRB) Plus, which aimed to effectively serve the countryside and improve the delivery of financial services to rural communities by strengthening the thrift and rural banking industry. The merger fast-tracked the savings bank's branch expansion program.

In September 2013, Chinabank forged a deal to acquire a majority stake in [[Planters Development Bank]] (Plantersbank), a development-oriented finance institution nationally acclaimed as the country's lead bank for [[Small and medium-sized enterprises|small and medium enterprises]] (SMEs).<ref>{{cite web|url=http://www.phstocks.com/2013/09/china-bank-strengthens-sme-focus-with-plantersbank-deal/|title=China Bank Strengthens SME Focus with Plantersbank Deal|work=PHStocks|access-date=18 January 2015}}</ref> The merger was approved in May 2014 by the BSP.<ref>{{cite web|url=http://www.businessmonitor.com/news-and-views/bsp-approves-china-bank%E2%80%99s-bid-to-acquire-remaining-stake-in-planters-bank|title=BSP Approves China Bank's Bid To Acquire Remaining Stake In Planters Bank - Philippines - Business Monitor|work=Businessmonitor.com|access-date=18 January 2015|archive-url=https://web.archive.org/web/20150118174715/http://www.businessmonitor.com/news-and-views/bsp-approves-china-bank%E2%80%99s-bid-to-acquire-remaining-stake-in-planters-bank|archive-date=18 January 2015|url-status=dead}}</ref> Plantersbank was merged with CBS with the latter as the surviving entity .

⚫
To complete its range of product offerings, Chinabank entered into a credit card partnership with MasterCard in 2013.<ref>{{cite news |work=BusinessMirror|url=http://businessmirror.com.ph/index.php/en/business/banking-finance/17149-china-bank-partners-with-mastercard |title=BusinessMirror - China Bank partners with MasterCard |access-date=2014-09-03 |url-status=dead |archive-url=https://archive.today/20140903022645/http://businessmirror.com.ph/index.php/en/business/banking-finance/17149-china-bank-partners-with-mastercard |archive-date=2014-09-03 }}</ref> China Bank launched three credit card types under the MasterCard brand in 2014: Chinabank Prime, Chinabank Platinum, and Chinabank World MasterCard.

In 2014, Ricardo R. Chua succeeded Peter S. Dee as president and CEO of Chinabank.<ref>{{cite news|url=https://business.inquirer.net/176703/china-bank-names-ricardo-chua-president|title=China Bank names Ricardo Chua president|first=Doris C.|last=Dumlao|newspaper=Philippine Daily Inquirer}}</ref> Dee joined the Bank in 1972 and served as president and CEO for 26 years. Chua joined China Bank in 1975, rose through the ranks, and had served as Chief Operating Officer from 1994 until his appointment as Chinabank president.

Chua was succeeded by William C. Whang in 2017.<ref>{{cite web|url=https://pna.gov.ph/articles/1008913 |title=Chinabank Board okays appointment of new prexy |website=pna.gov.ph |date=2017-09-07 |access-date=2023-09-20}}</ref> During his leadership, the bank embarked in its Binondo Heritage Restoration Project, the centerpiece of the bank's centennial celebration.<ref>{{cite web |url=https://www.chinabank.ph/news.aspx?title=Restoring+China+Bank+Binondo+Business+Center+for+future+generations |title=Restoring China Bank Binondo Business Center for future generations |publisher=China Banking Corporation |date=October 17, 2019 |access-date=August 18, 2020 }}</ref> The restored building bears the [[National Historical Commission of the Philippines]]' historical marker and the [[Cultural Center of the Philippines]]' Important Cultural Property marker. Also on its 100th year, Chinabank breached the trillion-peso mark in assets.<ref>{{cite news |last=Cabuenas |first=John Viktor |date=October 29, 2020 |title=China Bank posts double-digit earnings growth, breaches P1T in assets in Q3 |work=GMA News |url=https://gmanetwork.com/news/money/companies/761931/china-bank-posts-double-digit-earnings-growth-breaches-p1t-in-assets-in-q3/story/}}</ref>

In 2023, Romeo D. Uyan Jr., who helped establish the bank's investment banking arm in 2014, became Chinabank President and CEO.<ref>{{cite news |last=Agcaoili |first=Lawrence |date=December 10, 2022 |title=China Bank names new president |work=The Philippine Star |url=https://philstar.com/business/2022/12/10/2229750/china-bank-names-new-president}}</ref>

===Plantersbank acquisition===
In 2013, China Bank forged a deal to acquire a majority stake in Plantersbank.<ref>{{cite web |url=http://www.phstocks.com/2013/09/china-bank-strengthens-sme-focus-with-plantersbank-deal/ |title=China Bank Strengthens SME Focus with Plantersbank Deal &#124; PHStocks |website=www.phstocks.com |access-date=17 January 2022 |archive-url=https://web.archive.org/web/20130921215736/http://www.phstocks.com/2013/09/china-bank-strengthens-sme-focus-with-plantersbank-deal/ |archive-date=21 September 2013 |url-status=dead}}</ref>

China Bank settled {{Philippine peso|1.579 billion|link=yes}} for the 84.77% capital stock owned by the Tambunting family and related parties and the Dutch development bank FMO on January 15, 2014. On the same date, the new members of the Plantersbank board were elected, and officers of China Bank and CBS were appointed to various board/management committees of Plantersbank.<ref>{{cite news|url=https://www.gmanetwork.com/news/story/344100/money/chinabank-pays-p1-58b-to-acquire-plantersbank/|title=Chinabank pays P1.58B to acquire Plantersbank|work=GMA News}}</ref>

The acquisition of Plantersbank bolstered Chinabank's strategy in two areas: growing its middle market/SME portfolio and accelerating its network expansion program.<ref>{{cite news |url=http://philstar.com/business/2014/01/10/1276975/china-bank-plantersbank-merger-okd/ |title=China Bank-Plantersbank merger OK'd}}</ref>

===Stock rights offering===
Chinabank raised {{Philippine peso|8 billion}} from its stock rights offering, issuing 161,609,878 shares at {{Philippine peso|49.50}} per share. The shares were listed at the Philippine Stock Exchange on May 13, 2014.<ref>{{cite news|url=https://www.gmanetwork.com/news/money/photo/59688/china-bank-lists-shares-from-stock-rights-offering/photo/|title=China Bank lists shares from stock rights offering|work=GMA News}}</ref> The fresh equity were used to fund the growth in the bank's loan portfolio, branch network expansion, and technology upgrades.

Since embarking on its branch expansion program in 2006, Chinabank has more than doubled its asset size, market reach, and branch network without having to go back to its shareholders for additional capital, until the 2014 stock rights offering.


⚫
In 2008, Chinabank's thrift bank subsidiary [https://www.cbs.com.ph/ China Bank Savings (CBS)] began operations. Positioned to be an alternative to traditional banking, CBS targets entry level and start-up customers to asset accumulators, offering products and services that match different life stages, like basic deposit products for those building up their savings, basic loan products to fund personal dreams, and investment products. In 2012, Chinabank acquired Pampanga-based Unity Bank, which was merged with CBS in 2014. In the same year, Chinabank acquired [[Planters Development Bank]] (Plantersbank).<ref>{{Cite news |last=Dumlao |first=Doris |date=January 16, 2014 |title=China Bank Corp. completes takeover of Planters Bank |url=https://business.inquirer.net/160357/china-bank-corp-completes-takeover-of-planters-bank#:~:text=MANILA%2C%20Philippines%20%E2%80%94%20SM%20Group%2D,Bank%2C%20China%20Bank%20settled%20P1.}}</ref>
At its 2014 stockholders' meeting, Chinabank declared {{Philippine peso|1.00}} per share or 10% cash dividend for a total of {{Philippine peso|1.59 billion}} and an 8% stock dividend, and increased its authorized capital stock to {{Philippine peso|25 billion}}.<ref>{{cite web|url=https://chinabank.ph/news.aspx?title=China+Bank+earns+P1.16B;+posts+strong+core+business+growth+in+1Q+2014|title=(CBC) China Banking Corporation - About China Bank|website=chinabank.ph}}</ref>


⚫
To complete its range of product offerings, Chinabank entered into a credit card partnership with [[Mastercard]] in 2013,<ref>{{cite news |work=BusinessMirror|url=http://businessmirror.com.ph/index.php/en/business/banking-finance/17149-china-bank-partners-with-mastercard |title=BusinessMirror - China Bank partners with MasterCard |access-date=2014-09-03 |url-status=dead |archive-url=https://archive.today/20140903022645/http://businessmirror.com.ph/index.php/en/business/banking-finance/17149-china-bank-partners-with-mastercard |archive-date=2014-09-03 }}</ref> initially launching three credit card types: Chinabank Prime, Chinabank Platinum, Chinabank World MasterCard.<ref>{{Cite news |title=China Bank enters credit card business |url=https://www.philstar.com/business/banking/2015/08/18/1489172/china-bank-enters-credit-card-business |work=The Philippine Star}}</ref> The bank expanded its credit card offerings with Chinabank Cash Rewards Mastercard and Chinabank Freedom Mastercard in 2021 and with Chinabank Destinations Mastercard in 2023.<ref>{{Cite news |last=Purnell |first=Kristofer |date=September 1, 2023 |title=Pauline Amelinckx helps launch bank's new cards for travelers |url=https://www.philstar.com/lifestyle/travel-and-tourism/2023/09/01/2292795/pauline-amelinckx-helps-launch-banks-new-cards-travelers}}</ref>
===New core banking system===
In 2015, Chinabank switched to a new and more powerful core banking system from Infosys for greater computing power and enhanced capability and flexibility to improve service quality, optimize customer experience, effectively manage risk and regulatory compliance, and easily adapt to changing customer demands and market trends. The successful core banking migration was awarded as the Best Core Banking Implementation Project – Mid-Size Bank in The Asian Banker Technology Innovation Awards 2017.<ref>{{cite news |last= |first= |title=China Banking Corporation and Infosys awarded Best Core Banking Implementation Project |work= |url=https://www.asianbankerawards.com/technology/assets/pdf/pdf-2017/Mid-sizeBank-Chinabanking.pdf}}</ref>


===Green bonds===
===Centennial ===
[[File:Chinabank Since 1910 Logo.png|thumb|Logo from 2017 to 2024, without the CBC monogram]]
Chinabank issued its first [[green bond]] in 2018, raising US$150 million to fund a fresh wave of environmentally-beneficial projects to help mitigate climate change. IFC, a member of the World Bank Group, was the sole investor in the bond.<ref>{{Cite news |last=Mogato |first=Anna Gabriela |date=October 19, 2018 |title=China Bank issues first green bond, raises $150-M for climate-smart projects |work=BusinessWorld |url=https://www.bworldonline.com/breaking-news/2018/10/19/194239/china-bank-issues-first-green-bond-raises-150-m-for-climate-smart-projects/ |access-date=}}</ref> The US$150 million bond proceeds were used to finance climate-smart projects, including renewable energy, green buildings, energy efficiency and water conservation, in accordance with the Green Bond Principles. This issuance brought up China Bank’s climate portfolio to over US$200 million, making it one of the market leaders for climate-smart financing in the country and one of a few banks that has established a clear sustainability strategy.
Chinabank reached its 100-year milestone in 2020. The centerpiece of its centennial celebration was the restoration of its original headquarters, which began in 2018.<ref>{{Cite news |last=Formalejo |first=Ric |date=September 7, 2022 |title=China Bank Binondo: Restoring A Heritage Building to Prepare for The Next 100 Years |url=https://bluprint-onemega.com/china-bank-binondo-restoring-a-heritage-building-to-prepare-for-the-next-100-years/}}</ref> With construction delays due to the pandemic, the restored building was inaugurated in 2021. It bears the historical marker of the [[National Historical Commission of the Philippines]] and the Important Cultural Property marker of the [[National Museum of the Philippines]].<ref>{{Cite news |last=Adel |first=Rosette |date=April 15, 2022 |title=China Bank Binondo building restoration: A champion of heritage resiliency |url=https://www.philstar.com/headlines/2022/04/15/2174331/china-bank-binondo-building-restoration-champion-heritage-resiliency}}</ref> The bank also approved the Centennial Stock Grant Plan wherein regular employees of the Chinabank Group as of August 16, 2020 were entitled to 100 Chinabank shares for each year of service. This was ratified by the stockholders during the 2020 virtual Special Stockholders’ Meeting.<ref>{{Cite news |date=October 1, 2020 |title=China Bank grants employees 100 shares per year of service |url=https://business.inquirer.net/307478/china-bank-grants-employees-100-shares-per-year-of-service}}</ref>


===Mobile App===
===Brand refresh ===
Chinabank modernized its brand and image in 2024, signing up its first ever brand ambassador Miss Universe Philippines 2023 [[Michelle Dee]] and launching a new logo and digital campaign.<ref>{{Cite news |last=Arceo-Dumlao |first=Tina |date=April 14, 2024 |title=Biz Buzz: Chinabank is focused on you |url=https://business.inquirer.net/455235/biz-buzz-chinabank-is-focused-on-you}}</ref> The new tagline “Focused on You”, which is also the title of its new jingle and digital campaign, reflects the bank's firm commitment to serving its customers and putting their best interests in mind. The new logo, with its stylized “CBC” monogram, a symbol that embodies stability and simplicity, gives Chinabank a younger, more agile, and dynamic look.
Chinabank revamped its Chinabank Mobile App in 2018, first introduced in 2013 to make it easy and convenient for Chinabank customers to bank on the go. With enhanced security features and functionalities like Pay to Mobile or JUMP (Just Use your Mobile Phone), NOW (no card on withdrawal) or emergency cash which allows clients to withdraw from a China Bank ATM using only their mobile app, real-time Autosweep RFID Reloading, e-Gift for transferring money to others, and the first and only Branch/ATM locator that uses augmented reality and indicates whether an ATM is available or unavailable real-time, Chinabank Mobile won the Mobile Banking & Payment Initiative of the Year – Philippines at the Asian Banking & Finance (ABF) Retail Awards 2020.<ref>{{Cite news |date=November 1, 2020 |title=China Bank Mobile App Bags Mobile Banking and Payment Initiative of the Year award |work=Tagit |url=https://www.tagitmobile.com/press_releases/china-bank-mobile-app-bags-mobile-banking-and-payment-initiative-of-the-year-award/ |access-date=}}</ref>


==Subsidiaries and affiliates==
==Subsidiaries and affiliates==
Chinabank has the following subsidiaries and affiliate:
The following companies are part of the Chinabank Group:
*[https://www.cbs.com.ph/ CBS]
*China Bank Savings, Inc.
*Chinabank Capital Corporation
*[https://www.chinabank.ph/china-bank-capital Chinabank Capital]
*Chinabank Securities Corporation
*[https://www.chinabank.ph/china-bank-securities Chinabank Securities]
⚫
*Chinabank Properties & Computer Center
*CBC Assets One (SPC), Inc.
*Resurgent Capital (FIST-AMC), Inc.
*Resurgent Capital
*[https://www.chinabank.ph/china-bank-insurance-brokers-inc-products-and-services Chinabank Insurance Brokers]
⚫
*China Bank Properties & Computer Center, Inc.
⚫
*[https://www.manulife-chinabank.com.ph/ Manulife China Bank Life Assurance]
*Chinabank Insurance Brokers, Inc.
⚫
*Manulife China Bank Life Assurance Corporation


==Shareholding Structure ==
==Ownership==
*Publicly owned: 56.832%
As of Dec. 31, 2022:
*Principal/substantial stockholders: 37.9859%
*[[SM Investments Corporation]]: 39%
*Directors: 2.3778%
*Foreign Shareholders: 26%
*Others: 26%
*Officers: 0.8247%
*Dee Group: 9%
*Others: 1.9796%


==References==
==References==
{{Reflist}}
{{Reflist}}


==External links==
{{Portal|Banks}}
{{Portal|Banks}}
* {{Official website|https://www.chinabank.ph/}}
* {{Commons-inline}}
* {{Commons-inline}}
* [https://web.archive.org/web/20180923224247/http://www.bancnetonline.com/ BancNet]


{{SMPH}}
{{SMPH}}

Latest revision as of 16:28, 8 May 2024

This article is about a Filipino banking company. For the national commercial bank in China, see Bank of China.
China Banking Corporation
Company typePublic
PSE: CHIB
IndustryFinance
FoundedAugust 16, 1920; 103 years ago (1920-08-16) in Manila, Philippine Islands
HeadquartersChinabank Building, 8745 Paseo de Roxas corner Villar Street,
Makati
,
Philippines
Number of locations
648 branches
1,069 ATMs (2023)
Key people
Hans T. Sy, (Chairman)
Gilbert U. Dee, (Vice Chairman)
Romeo D. Uyan Jr. (President and CEO)
ServicesBanking
Revenue₱79.9 billion (2023)
₱54.0 billion (2023)
₱22.0 billion (2023)
Total assets₱1.5 trillion (2023)
Total equity₱150.0 billion (2023)
Number of employees
10,662 (2023)
Websitewww.chinabank.ph

China Banking Corporation (simplified Chinese: 中兴银行; traditional Chinese: 中興銀行; pinyin: Zhōngxīng Yínháng; Pe̍h-ōe-jī: Tiong-heng Gûn-hâng; PSE: CHIB), commonly known as Chinabank, is a Filipino bank established in 1920. It was the first privately owned local commercial bank in the Philippines initially catering to the banking needs of Chinese Filipino businesspeople. It offers various banking services and products related to deposit, investment, trust, cash management, remittance, and financing products and services. It also offers insurance brokerage, stock brokerage, capital markets, and bancassurance services through its subsidiaries and affiliate.

Chinabank is the fourth largest private universal bank in the Philippines. It was named by The Asset as the Best Bank in the Philippines in 2021 [1] and by the People Management Association of the Philippines as the 2023 Employer of the Year.[2]

Chinabank is also one of the best-governed publicly listed companies. It was recognized by the ASEAN Capital Markets Forum (ACMF) as among the Top 20 ASEAN Publicly Listed Companies, as an ASEAN Asset Class, and as one of the Top 3 Publicly Listed Companies in the Philippines,[3] and by the Institute of Corporate Directors, as a Five-Golden Arrow awardee for the bank's corporate governance excellence.[4]

History[edit]

Beginnings[edit]

China Banking Corporation Building, the bank's former headquarters in Binondo, Manila

Chinabank, founded by Dee C. Chuan, Albino SyCip, Guillermo A. CuUnjieng, Carlos Palanca Sr. and other visionaries, opened its first office at No. 90 Rosario (now Quintin Paredes) Street, Binondo on August 16, 1920, with J.W. McFerran as the first general manager. Shortly afterward, Eugene E. Wing of the International Banking Corporation took over and managed China Bank's operations until 1936. This mixture of cultures represented a seamless merger of Western and Eastern banking policies—an obvious lack during those days when financial institutions governed by Western policies declined credit loans of wealthy Filipino-Chinese businesspeople who operated on the principle of xìnyong (Hokkien Chinese: 信用; Pe̍h-ōe-jī: sìn-iōng) or trustworthiness. Chinabank recognized the value of xìnyong and granted small loans and opened credit accounts with patrons and suppliers without demand for collateral. In 1924, the company completed its headquarters in Binondo.[5]

Chinabank later opened two overseas branches in China, one in Amoy in 1925 and another in Shanghai in 1929. However, both branches closed in 1944 when political conditions in China became inimical to operations.

When the Japanese occupational forces invaded Manila in 1942, Chinabank closed. However, by the end of 1941, the Bank had been making steady deposits and turning over assets to the United States High Commissioner to the Philippines Francis Bowes Sayre Sr. for safekeeping, with the help of the officials of the US Treasury Department of Manila. With these overseas assets and the Bureau of Banking's full cooperation, Chinabank reopened in 1945 and was listed on the Manila Stock Exchange in 1947 as among the first local banks to be listed.

Chinabank played a key role in post-World War II reconstruction and recovery through its support to businesses and entrepreneurs in critical industries. It opened its first branch outside Manila in Cebu in 1949. In 1969, China Bank computerized its operations, becoming the first bank in Southeast Asia to process deposit accounts online. On the same year, its new headquarters, the 15-storey China Bank Building in Makati, was completed.[6] China Bank upgraded its online system in 1988 and launched the TellerCard ATM account and TellerPhone, the first telephone banking service in the Philippines. In 1990, China Bank, along with seven other banks, set up BancNet, currently the country's largest ATM network.

In 1991, Chinabank acquired its universal bank license, ushering an era of expanded banking operations. It launched its consumer loans in 1994, HomePlus Loan and AutoPlus Loan, followed by China Check Plus, an interest-earning checking account in 1996. In the same year, Chinabank accessed offshore capital markets for the first time by issuing US$50-million Floating Rate Certificate of Deposit (FRCD).

As Chinabank invested in new technologies, it launched its Cash Management services in 2004, followed by internet banking and remittance services in 2006. In the same year, with 146 branches at the time, it embarked on an aggressive branch network expansion program.

Growth through the years[edit]

A Chinabank branch in Apalit, Pampanga
A Chinabank branch at SM City Cebu

Chinabank has been involved in strategic alliances to expand and strengthen its operations. In 2007, it entered into a Bancassurance joint venture with the Manulife, one of the leading insurance companies in the world, to form Manulife China Bank Life Assurance Corporation (MCBLife),[7] and acquired the majority shares in Manila Bank, one of the oldest savings banks in the country.[8]

In 2008, Chinabank's thrift bank subsidiary China Bank Savings (CBS) began operations. Positioned to be an alternative to traditional banking, CBS targets entry level and start-up customers to asset accumulators, offering products and services that match different life stages, like basic deposit products for those building up their savings, basic loan products to fund personal dreams, and investment products. In 2012, Chinabank acquired Pampanga-based Unity Bank, which was merged with CBS in 2014. In the same year, Chinabank acquired Planters Development Bank (Plantersbank).[9]

To complete its range of product offerings, Chinabank entered into a credit card partnership with Mastercard in 2013,[10] initially launching three credit card types: Chinabank Prime, Chinabank Platinum, Chinabank World MasterCard.[11] The bank expanded its credit card offerings with Chinabank Cash Rewards Mastercard and Chinabank Freedom Mastercard in 2021 and with Chinabank Destinations Mastercard in 2023.[12]

Centennial[edit]

Logo from 2017 to 2024, without the CBC monogram

Chinabank reached its 100-year milestone in 2020. The centerpiece of its centennial celebration was the restoration of its original headquarters, which began in 2018.[13] With construction delays due to the pandemic, the restored building was inaugurated in 2021. It bears the historical marker of the National Historical Commission of the Philippines and the Important Cultural Property marker of the National Museum of the Philippines.[14] The bank also approved the Centennial Stock Grant Plan wherein regular employees of the Chinabank Group as of August 16, 2020 were entitled to 100 Chinabank shares for each year of service. This was ratified by the stockholders during the 2020 virtual Special Stockholders’ Meeting.[15]

Brand refresh[edit]

Chinabank modernized its brand and image in 2024, signing up its first ever brand ambassador Miss Universe Philippines 2023 Michelle Dee and launching a new logo and digital campaign.[16] The new tagline “Focused on You”, which is also the title of its new jingle and digital campaign, reflects the bank's firm commitment to serving its customers and putting their best interests in mind. The new logo, with its stylized “CBC” monogram, a symbol that embodies stability and simplicity, gives Chinabank a younger, more agile, and dynamic look.

Subsidiaries and affiliates[edit]

Chinabank has the following subsidiaries and affiliate:

Shareholding Structure[edit]

  • Publicly owned: 56.832%
  • Principal/substantial stockholders: 37.9859%
  • Directors: 2.3778%
  • Officers: 0.8247%
  • Others: 1.9796%

References[edit]

  1. ^ Dumlao-Abadilla, Doris (January 8, 2022). "China bank named best bank in PH".
  2. ^ "Chinabank is 2023 Employer of the Year". October 30, 2023.
  3. ^ Loyola, James (December 8, 2022). "China Bank bags 3 ASEAN Corporate Governance awards".
  4. ^ Camus, Miguel (October 9, 2023). "Chinabank gets top corporate governance plum".
  5. ^ "Binondo Heritage Restoration Project". China Banking Corporation. Retrieved August 18, 2020.
  6. ^ "China Bank's centennial legacy". Urban Roamer. September 28, 2020. Retrieved August 8, 2022.
  7. ^ Torres, Ted P. (October 9, 2007). "Manulife bullish with China Bank joint venture". The Philippine Star. Archived from the original on 3 August 2023. Retrieved 3 August 2023.
  8. ^ Torres, Ted P. "China Bank to open thrift banking unit". The Philippine Star.
  9. ^ Dumlao, Doris (January 16, 2014). "China Bank Corp. completes takeover of Planters Bank".
  10. ^ "BusinessMirror - China Bank partners with MasterCard". BusinessMirror. Archived from the original on 2014-09-03. Retrieved 2014-09-03.
  11. ^ "China Bank enters credit card business". The Philippine Star.
  12. ^ Purnell, Kristofer (September 1, 2023). "Pauline Amelinckx helps launch bank's new cards for travelers".
  13. ^ Formalejo, Ric (September 7, 2022). "China Bank Binondo: Restoring A Heritage Building to Prepare for The Next 100 Years".
  14. ^ Adel, Rosette (April 15, 2022). "China Bank Binondo building restoration: A champion of heritage resiliency".
  15. ^ "China Bank grants employees 100 shares per year of service". October 1, 2020.
  16. ^ Arceo-Dumlao, Tina (April 14, 2024). "Biz Buzz: Chinabank is focused on you".
  • Media related to Chinabank at Wikimedia Commons
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