China Bank opening more Metro Manila branches

MANILA, Philippines – China Banking Corp. is set to open 11 more branches in major business districts in the National Capital Region next month as part of efforts to beef up its presence to reach more clients.

The Sy-led bank expects to end the year with a network of 508 branches including that of China Bank Savings and Planters Development Bank from the current number of 497 after opening the Cebu-SM Seaside City branch.

Outside Metro Manila, China Bank has 27 branches in Cebu, of which 14 are situated in Cebu City. The China Bank Corporate Center is also located inside the Cebu Business Park that houses Cebu’s rapidly expanding business process outsourcing (BPO) industry.

The group currently has 332 branches of China Bank as well as the combined 165 branches of China Bank Savings and Plantersbank.

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.

In January last year, China Bank implemented the share purchase agreement (SPA) to acquire Plantersbank worth P1.86 billion.

Under the agreement, China Bank spent P1.579 billion to purchase the 84.77 percent 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 percent interest owned by other shareholders including Asian Development Bank (ADB), Korea Development Bank, Development bank of the Philippines (DBP), Land Bank of the Philippines, and International Finance Corp. (IFC).