China Bank board OKs buyout, capital hike of brokerage unit

China Banking Corp. (China Bank) said on Thursday its board of directors has approved the move by unit China Bank Capital Corporation (CBCC) to complete its 100-percent acquisition of brokerage firm ATC Securities Inc., making the latter a wholly-owned subsidiary of CBCC and a member of the China Bank Group.

In a disclosure to the stock exchange, China Bank said that in a meeting on March 15, its board also approved the change in ATC Securities’ name to China Bank Securities Corporation (CBSC). The board also approved an increase in its authorized capital stock from P38 million to P150 million.