SEC OKs China Bank investment house

MANILA, Philippines - China Banking Corp. got the green light from the Securities and Exchange Commission (SEC) to set up a P500-million investment house subsidiary.

Ricardo Chua, president and chief executive officer of China Bank, said in a statement the SEC has approved the establishment of China Bank Capital.

The bank is infusing P500 million into the investment house subsidiary to provide capital raising, merger and acquisition, financial restructuring, debt and securities underwriting, and economic advisory services to all types of public and private companies.

The Bangko Sentral ng Pilipinas (BSP) approved the capital infusion of China Bank into the new investment house subsidiary.

Chua said the bank has named Romeo Uyan Jr. as president of its new investment house subsidiary.

“Romy’s extensive international experience and investment banking expertise is key to the success of China Bank Capital and strengthening China Bank’s presence in the capital markets space,“ Chua said.

Uyan is concurrently executive vice president and special projects officer at China Bank, tasked to lead the development and implementation of projects as well as strategic initiatives to tap various growth opportunities for the bank.

Uyan is an investment banker with over two decades of experience in wealth management, trading, research, and financial structuring in the Asia Pacific region. He has been working for most of his career in Singapore, Hong Kong, and Japan in top multinational investment houses including UBS, Barclays Capital, Credit Suisse First Boston, and ING Barings Securities.

China Bank, through its Investment Banking Group, provides corporate clients with a wide range of investment banking services, and in the last two years, has become a preferred partner of issuers.

China Bank was sole issue manager, joint lead arranger/lead manager/lead underwriter in a number of landmark deals including the $141 million national flag carrier Philippine Airlines of tobacco and airline magnate Lucio Tan and the $140 million term loans of budget carrier Cebu Pacific of taipan John Gokongwei in 2013, the P20 billion retail bonds of SM Prime, and the P15 billion retail bonds of dominant carrier Philippine Long Distance Telephone Co. (PLDT) retail bonds in 2014, and the P24 billion fixed rate bonds of Aboitiz Equity Ventures this year.

China Bank’s Investment Banking Group would be a part of China Bank Capital. The China Bank Group is composed of China Bank Savings, Planters Development Bank CBC Insurance Brokers Inc., and Bancassurance affiliate Manulife China Bank Life Assurance Corporation (MCBLife).

Earnings of China Bank grew eight percent to P3.64 billion in the first nine months amid stronger lending and lower cost of funding.

China Bank currently has 497 branches including the 165 branches of subsidiaries China Bank Savings and Plantersbank. It is set to open 11 more branches in Makati, Quezon City, and Cebu this month after opening 18 branches this year.