CHINA Banking Corp., a listed affiliate bank of retail giant SM group, has approved the increase in capital of its investment bank subsidiary China Bank Capital Corp. (CBCC) to boost the latter’s capability to handle bigger deals.
China Bank said its board of directors in a meeting on February 1 approved the increase in the authorized capital stock of CBCC to P2 billion from P500 million previously.
It said the board also approved China Bank’s additional capital infusion of P500 million into CBCC within the first quarter of the year.
“The increase in authorized capital stock will enable CBCC to handle bigger deals and the P500 million infusion will bring CBCC equity to P1.23 billion,” China Bank said in a disclosure to the Philippine Stock Exchange on Thursday.
In a separate statement, China Bank said its board also appointed William C. Whang as the bank’s new chief operating officer effective February 1. Whang was China Bank’s executive vice president and head of the Lending Business Segment.
It said Alberto Emilio V. Ramos was promoted to president of thrift bank arm China Bank Savings Inc. (CBS) from being a former senior vice president and then executive vice president, while Delia Marquez was also promoted as CBS’ head of Comptrollership Group from being a first vice president.
Last year, China Bank issued an initial P5 billion worth of long-term negotiable certificates of time deposits (LTNCD) out of its P20-billion LTNCD program, which aims to support its strategic initiatives and business growth.
Established in 1920, China Bank is an affiliate bank of the richest man in the Philippines, Henry Sy. It mainly caters to the small and medium enterprises (SME) market while also offering banking services to other segments of the market such as corporate, commercial, or retail.