Chinabank
From Wikipedia, the free encyclopedia
| China Banking Corporation | |
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| Type | Public (PSE: CHIB) |
| Founded | Manila, Philippines (1920) |
| Headquarters |  Makati City, Philippines |
| Key people | Gilbert U. Dee, Chairman Peter S. Dee, President and CEO |
| Industry | Finance and Insurance |
| Products | Financial Services |
| Net income | P2.72 billion PHP (▲3.8%) (2004) [1] |
| Employees | 2,738 |
| Website | www.chinabank.ph |
China Banking Corporation (PSE: CHIB), known publicly as Chinabank or China Bank , is one of the largest banks in the Philippines, ranking eleventh in terms of assets. It is controlled by the SM Group of Companies, one of the largest conglomerates in the Philippines and owner of the SM chain of malls. It is the sister bank of Banco de Oro, owing to their similar ownership structure.
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[edit] History
Chinabank was established on August 16, 1920 by Dee C. Chuan, a leading business leader and philanthropist, and Don Albino SyCip, a lawyer and top-notcher at the Philippine bar examinations, as the first privately-owned commercial bank in the Philippines. It started off with an initial capital of ten million pesos and a head office in Binondo by 1924.
Growth during the American period was rapid, but during World War II, the Japanese seized control of the bank. Its assets were converted into worthless currencies and as such, the bank was forced to deposit its remaining funds overseas so that it could reopen after the war. It did so after the liberation of Manila in 1945.
Under Sycip's leadership after the war, Chinabank was involved in many socio-civic projects, like the construction of artesian wells for the use of Filipinos. It also extended loans, credit and other financial assistance to entrepreneurs and contributed greatly to the reconstruction of the Philippine economy. Its humble contributions to the reconstruction effort are even remembered today.
Chinabank went public in 1965 and also has its own share of firsts. It was the first Philippine bank to electronically process online deposit transactions in 1969 and was also the first bank to offer telephone banking in 1988. It was one of the founding members of the BancNet interbank network when it was founded in 1990.
In 1990, Chinabank moved its headquarters from Binondo to its present-day headquarters on Paseo de Roxas in Makati City to better establish itself as one of the major players in the Philippine banking industry. Its present headquarters is in proximity to the headquarters of other major banks, such as Citibank, Equitable PCI Bank, United Coconut Planters Bank and Philippine Savings Bank. It also became a universal bank on August 26, 1991.
[edit] Subsidiaries and Affiliates
Chinabank is divided into the following subsidiaries and affiliates:
- CBC Forex Corporation
- CBC Properties and Computer Center
- China Bank Insurance Brokers
- First Sovereign Asset Management
[edit] Competition
Chinabank's main competitors are major Philippine banks like Metrobank, BPI, Banco de Oro, Land Bank of the Philippines, and Philippine National Bank.
[edit] See also
- Banco de Oro-Equitable PCI Bank merger
- Banco de Oro
- BancNet
- List of Philippine companies
- SM Group of Companies
[edit] External links
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