Listed China Banking Corp. is injecting an extra P2 billion into its thrift banking division to support continued loan growth and increase its capacity to service new banking population segments.
The capital infusion to China Bank Savings Inc. (CBSI) was approved by the board of directors of the Sy-led bank recently in order to support its “sustained loan expansion and enhance its ability to cover and serve more segments of the banking and unbanked population.”
IMAGE CREDIT: https://www.chinabank.ph/
In 2007, the Puyat family sold their 87.51 percent ownership in the Manila Banking Corp., which was later renamed CBSI, to China Bank.
After merging with Unity Bank in 2012 and with Planters Development Bank in 2014, it has since become one of the top thrift banks in the country.
Based on the latest information from the Bangko Sentral ng Pilipinas (BSP), as of the end of March this year, CBSI was the third-largest thrift bank in terms of assets with P132.68 billion and the fifth-largest in terms of capital with P14.08 billion.
James Christian Dee, president of CBSI, is upbeat despite high inflation and sluggish economic growth because the bank’s net income increased by 15% and above expectations by 4%.
With a focus on customer-centric initiatives, CBSI Chairman Ricardo Chua is also optimistic that the bank would maintain its outstanding performance in the second half of 2023.
“I believe we can overcome all of these if we have a strong, cohesive, and well-prepared organization, one that is focused and engaged with our customers, one that not only is good at bringing them excellent banking services but also one that is ready for the digital economy,” Chua said.