China Bank gets SEC nod on stock split

MANILA, Philippines – China Banking Corp. has amended its articles of incorporation to reflect the change in its par value from P100 to P10 per share, a disclosure to the Philippine Stock Exchange (PSE) said.

Specifically, China Bank informed the PSE that it has received approval from the Securities ad Exchange Commission (SEC) to amend Article 6 of the bank’s incorporation papers to effect a 10-for-one stock split of its common shares.

“The stock split will result to an increase in the number of authorized shares from 200 million to two billion shares and a reduction in par value of the shares from P100 to P10 per share, without affecting the authorized capital stock of the bank of P20 billion,” it said.

The change in par value of the bank’s shares will be reflected in the PSE’s trading system on Sept. 6, 2012.

A China Bank official said they have decided to undertake this move to align their par value with that of the other financial institutions’ par value listed in the PSE.

Incorporated in 1920, China Bank has been consistently providing quality banking products and services.

With its 92 years of existence, the bank has 300 branches, and close to 500 ATMs later (including the branches and ATMs of thrift bank subsidiary, China Bank Savings).

China Bank went public on Dec. 1, 1965. To date, more than 24 percent of the bank is owned by foreign investors.

It was also the first bank in Southeast Asia to process deposit accounts on-line in 1969.

In 1988, it was the first Philippine bank to offer telephone banking.

In 1991, the bank was issued a license to engage in universal banking.