China Bank to open 11 branches in December
MANILA, Philippines — China Banking Corporation is set to open 11 more branches in major business districts in Metro Manila next month, in a bid to expand its presence and reach more clients.
Retail and banking magnate Henry Sy's China Bank will open branches in Makati, Quezon City, and San Juan in December.
This follows the opening of 18 branches since the start of 2015.
The Sy-led bank expects to close 2015 with 508 branches, including branches of China Bank Savings and Planters Development Bank.
China Bank currently has 497 branches after opening its branch at the newly opened SM Seaside City in Cebu.
China Bank Cebu-SM Seaside City Branch is located at the lower ground floor of SM Seaside City, the fourth largest SM mall in the country with a gross floor area of 430,000 square meters.
"Cebu is home to China Bank’s first provincial branch and home to a big chunk of our operations. We continue to expand our branch network here to serve more of the residents and entrepreneurs of this booming city and to contribute more to the growth of Cebu’s economy," China Bank President and CEO Ricardo Chua said.
Outside Metro Manila, China Bank has 27 branches in Cebu, 14 in Cebu City.
The China Bank Corporate Center is also located inside the Cebu Business Park that houses Cebu’s expanding business process outsourcing industry.
The Sy-led bank has been gobbling up smaller banks to fast track its expansion nationwide.
It acquired Unity Bank in 2012 and Planters Development Bank (Plantersbank) in 2014. (READ: Sy group acquires Plantersbank)
In January last year, China Bank implemented the Share Purchase Agreement (SPA) to acquire Plantersbank, worth P1.86 billion ($39.52 million).
Under the agreement, China Bank spent P1.58 billion ($33.57 million) to purchase the 84.77% capital stock owned by the Tambunting family and related parties, and the Dutch development bank FMO.
The remaining amount was used to buy out the 15.23% interest owned by other shareholders including Asian Development Bank, Korea Development Bank, Development bank of the Philippines, Land Bank of the Philippines, and International Finance Corporation.
The Bangko Sentral ng Pilipinas has required the China Bank Group to complete the merger of China Bank Savings and Plantersbank within one year.
Earnings of China Bank grew 8% to P3.64 billion ($77.35 million) in the first 9 months of the year amid stronger lending and lower cost of funding. – Rappler.com
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