Chinabank in the Philippines is the first private bank in the Philippines. Initially, this bank served exclusively Chinese businessmen who had their own interests in the Philippines. Today, China Bank provides a wide range of banking services and products related to investments, deposits, trust management, money transfers, etc. Some branches of this bank also provide insurance and brokerage services.
Chinabank in the Philippine Islands is considered one of the best banks in Asia. This bank was more than once listed as one of the best financial companies of the Association of Southeast Asian Nations.
The history of China Bank in the Philippines began on August 16, 1920. This financial institution has gone down in history forever, as the first bank, which belonged not to the Philippine government, but to private owners – Di Chuan and Albino Sisip The main purpose of creating this bank was to provide Chinese-Philippine businessmen with financial services of the highest level. In the early years of its existence, Chinabank issued unsecured loans to proven businessmen.
In 1925, the first foreign branch of this bank was opened in the Chinese city of Xiamen. After 4 years, a new branch was opened in Shanghai. It is worth noting that these branches closed in 1944 due to the aggravation of international relations between China and the Philippines. During World War II, Chinabank ceased its operations due to the entry of Japanese occupation forces into Manila. China Bank resumed operations only in 1945. And after 2 years, it became the first Philippine bank whose shares were quoted on the Manila Stock Exchange. It is worth adding that in the postwar years, Chinabank contributed to the recovery of enterprises in critical important industries for the Philippines.
In 1969, this bank computerized its operations. Therefore, Chinabank became the first bank in Southeast Asia which processed customer deposit accounts online. In 1990, China Bank with other leading banks in the Philippines created the BancNet ATM network. Today, this ATM network is considered the largest in the Philippine Islands.
In 1991, this bank received a universal banking license, which allowed it to significantly expand the range of services provided.
In 2006, Chinabank launched its own Internet banking application, China Bank Online. In the same year, this bank launched an active branch network expansion program. For 6 years, China Bank managed to double the number of its branches. At the moment, this bank has more than 300 branches and 500 ATMs in the Philippines.
In 2007, Chinabank in the Philippines began active cooperation with one of the leading international insurance companies Manufacturing Life Insurance Company. The result of this cooperation was the opening of the company Manulife China Bank Life Life Insurance Corporation. This organization provides various insurance services in numerous branches of China Bank in the Philippines.
In 2008, a subsidiary bank, China Bank Savings, was established. This institution positions itself as an alternative to traditional banking services. CBS specializes in deposit, loan and investment products.
In 2012, Chinabank acquired shares of Unity Bank. Thanks to this purchase, China Bank expanded its business by providing specialized financial services for enterprises working in the agricultural sector of the economy.
In 2014, Peter Dee, the long-term president and CEO of China Bank, ceded his place to Ricardo Chua. Dee has worked at this bank since 1972. Chua is also the director of the board of directors of all Chinabank subsidiaries.
The owners of the bank
According to the official data as of June 2013, the owners of this bank are:
- Philippine largest holding company SM Investments Corporation (37%);
- family of ex-President and CEO of Chinabank Peter Dee (10%);
- foreign investors (23%);
- other investors (30%).
Main branches and ATMs
According to the information from the official website of Chinabank, the number of branches and representative offices of this bank is 367. There are 561 ATMs of the China Bank operating in the Philippine Islands. For convenient search of a branch or ATM at the address, you can use a special map posted on the official website of this bank. Here you can also check the branch opening hours.
Most of the branches of this bank are open from 9:00 to 16:30. Some offices also work on Saturdays from 9:00 to 13:00. In the Philippines, there are several mini-offices that are open from 10:00 to 19:00 or from 9:00 to 15:00. Some of these offices also work on weekends from 9:00 to 14:00.