China Bank to put up brokerage unit

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China Bank Capital Corp. (CBCC), the investment house of China Banking Corp., said it would establish a stock brokerage house and a special purpose corporation.

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In a disclosure to Philippine Stock Exchange (PSE) on Thursday, CBCC said the stock brokerage house would be named China Bank Securities Corp.

As a wholly-owned subsidiary, it will enable China Bank Capital to do initial public offerings (IPOs) and list these IPO shares in the PSE, China Bank said.

“China Bank Group’s clients will also stand to benefit as they will have access to the stock brokerage service for their equities-related transactions. China Bank Capital is looking to acquire and rebrand an existing stock brokerage,” it said.

The special purpose corporation to be known as CBC Assets One (SPC) Inc., will be utilized as a vehicle to hold the assets for the securitization transactions of China Bank Capital.

Early this year, China Bank Capital was mandated by listed property developer 8990 Holdings Inc. to be the Arranger and Lead Underwriter for the P5 billion securitization of contract to sell (CTS) receivables of its various subsidiaries–which when completed will be the largest securitization transaction in the country.

The receivables will be purchased by CBC Assets One (SPC) Inc., and repackaged into fixed-income securities.

“This is an innovative approach by China Bank Capital to address the financing requirements of the low cost housing industry,” it said.

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