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China Banking Corporation
Type Public (PSE: CHIB)
Industry Banking & Finance
Founded Manila, Philippines (1920)
Headquarters Makati, Philippines
Number of locations

289 China Bank, 51 China Bank Savings branches
501 China Bank, 54 China Bank Savings ATMs

(as of October 2013)
Key people Hans T. Sy, Chairman
Gilbert U. Dee, Vice Chairman
Peter S. Dee, President and CEO
Products Financial Services
Net income P2.96 billion PHP (First half 2013)
Employees 5,482 (as of October 2013)
Head office of China Banking Corporation in Paseo de Roxas corner Villar St., Makati City, Philippines

China Banking Corporation (PSECHIB), commonly known as China Bank, was established in 1920 as the first privately owned local commercial bank in the Philippines initially catering to the banking needs of Chinese-Filipino businessmen. Today, China Bank is a full-service universal bank offering a wide range of deposit, investment, trust, cash management, remittance, and financing products and services to the retail and corporate markets through over 300 branches nationwide (including thrift bank subsidiary CBS). China Bank also offers insurance brokerage and bancassurance services through its subsidiaries and affiliates.

China Bank was awarded by the US consulting firm Stern Stewart and Company in 2009 for being among the top 100 ASEAN companies in terms of delivering shareholder value. It was also awarded the Best Wealth Management House in the Philippines by The Asset Magazine (HK) in 2011 and received for two consecutive years the Gold Award in Corporate Governance from the Institute of Corporate Directors (ICD). In 2012, China Bank was the only bank among the top 5 publicly listed companies in the Philippines to receive the Bell awards for excellence in Corporate Governance.



China Bank, founded by Dee C. Chuan, Albino SyCip and other visionaries, opened for business at No. 90 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 businessmen who operated on the principle of ‘xinyong’ or trustworthiness. China Bank recognized xinyong and granted small loans and opened credit accounts with patrons and suppliers without demand for collateral for the loan.

China Bank opened two branches in China, one in Amoy in 1925 and another in Shanghai in 1929. However, both branches closed in 1949 when conditions in China became inimical to the Bank's operations.

When the Japanese occupational forces invaded Manila in 1942, China Bank closed. Fortunately, by the end of 1941, the Bank had been making steady deposits and turning over assets to the United States High Commissioner 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, China Bank reopened in 1945 and was listed on the local stock exchange in 1947, among the first local banks to be listed.

China Bank 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 local branch in Cebu in 1949, then in 1969, China Bank computerized its operations, becoming the first bank in Southeast Asia to process deposit accounts on-line. 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, now the country’s largest ATM network.

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

As China Bank invested in new technologies, it launched its Cash Management services in 2004, followed by internet banking (China Bank Online) and remittance services in 2006. In the same year, China Bank, with 146 branches at the time, embarked on an aggressive branch network expansion program. Over the last six years, the Bank has doubled its nationwide branch network.

Recent Developments[edit]

China Bank has been involved with strategic alliances to expand and strengthen its operations. In 2007, China 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), and acquired the majority shares in Manila Bank, one of the oldest savings banks in the country.

In 2008, China Bank's thrift bank subsidiary China Bank Savings (CBS) began operations. CBS is focused on the retail side of the business, offering banking products and services that China Bank does not, such as a kiddy savings account and personal loans. In 2012, China Bank acquired Pampanga-based Unity Bank to be merged with CBS. The acquisition supports the Bangko Sentral ng Pilipinas’ Strengthening Program for Rural Banks (SPRB) Plus which aims 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-tracks the savings bank’s branch expansion program. CBS is targeting 100 branches by 2014.

To complete its range of product offerings, China Bank entered into a credit card partnership with MasterCard in 2013. The Bank plans to launch China Bank MasterCard Platinum and Classic in 2014.

Most recently, China Bank forged a deal to acquire a majority stake in Planters Development Bank (Plantersbank). This latest deal strengthens China Bank's presence and support to the SME sector, a market segment that China Bank has long been associated with.

Subsidiaries and Affiliates[edit]

China Bank is divided into the following subsidiaries and affiliates:

  • China Bank Savings, Inc.
  • Unity Bank
  • CBC Properties & Computer Center, Inc.
  • CBC Insurance Brokers, Inc.
  • Manulife China Bank Life Assurance Corporation


Ownership structure by family grouping as of June 2013[edit]

See also[edit]


External links[edit]