SY-LED China Banking Corp. (Chinabank) said it has budgeted a sum of P500 million to set up an investment house subsidiary.
In a disclosure to the stock exchange, Chinabank said its board of directors has approved the creation of and funding for the new investment banking unit, which will be called China Bank Capital Corp.
The bank said the creation of the new subsidiary will still be “subject to the requirements of relevant regulatory agencies.”
Chinabank reported a net income of P5.11 billion last year, little changed from the P5.10 billion net income in 2013.
Chinabank is an affiliate of the Henry Sy-led SM Group. The Sy family holds a 20 percent interest in Chinabank and a 46.7 percent stake in another bank, BDO Unibank Inc.