CHINA Banking Corp., a banking affiliate of the SM Group, on Thursday announced the approval of a fresh P2-billion capital infusion to its thrift bank arm China Bank Savings Inc. (CBSI).
“This is to inform the Exchange that our Executive Committee approved this afternoon, the Bank’s capital infusion of P2.0 billion, of which P1.0 billion will be in September 2016 and another P1.0 billion by December 2016, to China Bank Savings Inc. (CBSI) to support its business expansion,” China Bank said in a disclosure to the Philippine Stock Exchange.
The bank said this additional equity infusion will bring to P6 billion the total capital infused into CBSI since September 2014.
CBSI is the fourth largest thrift bank in the industry following its mergers with Unity Bank and Planters Development Bank in 2008.
China Bank earlier said its thrift bank subsidiary is well on its way to making a significant contribution to SM Group’s profitability this year.