China Bank acquires Plantersbank

MANILA, Philippines - China Banking Corp. has acquired Planters Development Bank (Plantersbank), a development bank specializing in the small and medium enterprise (SME) market. When fully absorbed, the combined branch network of the China Bank group will reach 411, or 11 more than the original 2014 target of 400. In photo are: (from left) China Bank senior executive vice president and chief operating officer Ricardo Chua, China Bank chairman Hans Sy, Plantersbank chairman and chief executive officer Jesus Tambunting, Plantersbank director Jose Tambunting, and Plantersbank president and chief operating officer Carlos Borromeo.