China Bank turns 88

China Banking Corp. (China Bank) has celebrated its 88th year on the eight month, on the eight year of the 21st century, by honoring its loyal employees. Curiously, the 29th Olympics was declared opened on Aug. 8.

A total of 291 men and women were honored last Aug.15, for their 10, 15, 20, 25, 30, and 35 years of service.

“China Bank is one of the best-performing banks in the country because of the commitment and determination of our employees,” said China Bank president, Peter S. Dee, who last year was recognized for his 35 years of service.

A member of the SM Group of Companies, China Bank plans to be number one in its category in the next three years as well as expanding its branch network to 300. It presently operates over 200 branches nationwide.

The recent positive developments leading to the bank’s 88th anniversary underscore the hard work of its solid workforce and the support of its clientele.

International credit rating agency, Fitch Ratings, affirmed the Bank’s “AA-” long-term national rating citing its good core profitability and satisfactory balance sheet strength. Fitch also maintained China Bank’s outlook rating at “stable.”

Moreover, China Bank’s maiden issue of the fixed rate long-term negotiable certificates of deposit (LTNCDs) was oversubscribed on the second day of the offer period, July 29. From an initial amount of P3 billion, the issue was upsized to P5 billion.

Another cause for celebration is the renaming of thrift bank The Manila Banking Corp. (TMBC) to China Bank Savings Inc. (CBS). China Bank Savings is China Bank’s first savings bank subsidiary, which will be formally launched next month.

The bank reported a net income of P1.46 billion in the first semester of 2008, and gross revenues of P7.02 billion.

Return on equity (ROE) stood at a healthy 11.05 percent and return on assets at 1.59 percent. Both figures are still considered among the best reflections of a healthy bank.