Chinabank’s exceptional performance and strategic achievements were celebrated at the prestigious Asian Banking and Finance (ABF) Awards 2024, held earlier this month at Marina Bay Sands in Singapore.
The bank received the distinguished title of Domestic Retail Bank of the Year-Philippines and secured two additional honors: Debt Deal of the Year-Philippines and IPO Deal of the Year-Philippines, in collaboration with Chinabank Capital, at the ABF Corporate & Investment Banking Awards 2024.
Photo shows Chinabank Retail Banking Business Segment Co-Heads Jose Osmena Jr. (center) and Clara Sy (right), together with Asian Banking & Finance Publisher and Editor-in-Chief Tim Charlton.
The “Domestic Retail Bank of the Year” award underscores Chinabank’s robust performance over the past year. As the fourth largest private universal bank in the Philippines, Chinabank recorded a 15% increase in net income in 2023, reaching P22 billion.
This impressive growth was fueled by its strong core business operations, solidifying its status as a leader in the financial sector. With a return on equity exceeding 15% for the past two years, Chinabank consistently demonstrates high profitability and delivers substantial shareholder value.
Chinabank: Never Lost Sight of Delivering its Commitments
Chinabank’s achievements extend beyond financial metrics.
In May this year, Chinabank launched an extensive brand revitalization campaign aimed at modernizing its identity and capturing the attention of a fresh clientele. It has also undergone a significant digital transformation, adopting a customer-centric, technology-driven retail strategy that enhances customer experiences by providing seamless and convenient services both in-branch and online. ABF highlighted this accomplishment in its citation, noting, “Throughout its transformation, China Banking Corporation has never lost sight of delivering its commitment to its stakeholders.”
Photo shows (from left:) Chinabank Capital Managing Director Juan Paolo Colet, Chinabank Institutional Banking Group (IBG) FVP Alfredo Manuel Moreno, Asian Banking and Finance Contributing Editor Nick Atkinson, Chinabank IBG Account Officer Cranston Hans Ng, and LET Westside officers Maria Frances Marfil and Aldee Celis.
The recognition of Chinabank and Chinabank Capital’s excellence in deal-making further emphasizes their impact on the Philippine financial landscape. The “Debt Deal of the Year-Philippines” award acknowledges their successful handling of complex debt transactions.
Chinabank’s P25 billion project finance facility with Suntrust Resort Holdings, Inc. for the development of a modern integrated resort and casino complex in Entertainment City was particularly notable. This was the largest term loan facility in the Philippines for an integrated tourism project in 2023 and the largest project finance deal to date solely led by Chinabank Capital.
Chinabank Capital also won “IPO Deal of the Year” for Repower Energy Development Corporation’s (REDC) IPO.
Chinabank Capital served as the sole issue manager, lead underwriter, and sole book runner for the offering, which enabled REDC to raise P1.15 billion in 2023 amid a sluggish market that prompted larger companies to defer their IPO plans.
The proceeds from the IPO were used to partially fund the equity of REDC’s 15-MW Pulangi micro-hydroelectric power plant in Bukidnon and the 4.5-MW Piapi hydropower plant in Quezon. Funds were also allocated for the development and acquisition of renewable energy projects, as well as for operating and working capital requirements.
Setting benchmarks for excellence in banking
The ABF Retail Banking Awards and Corporate & Investment Banking Awards are highly regarded in the industry, celebrating the achievements of top-performing banks and financial institutions across Asia. Winning these awards not only highlights Chinabank’s accomplishments but also sets a benchmark for excellence in the Philippine banking sector.
Chinabank’s executives expressed gratitude and pride in their team’s dedication and hard work, emphasizing their commitment to continuous improvement and innovation. “These accolades are a testament to our unwavering dedication to excellence and our relentless pursuit of growth and innovation,” said a senior executive from Chinabank.
Chinabank’s forward-thinking approach and strategic initiatives have positioned it as a formidable player in the banking industry. Its digital transformation, focus on customer experience, and strong financial performance are key factors that contributed to its recognition at the ABF Awards. As the bank continues to evolve and adapt to the changing financial landscape, it remains committed to delivering value to its customers and stakeholders.
Looking ahead, Chinabank aims to build on its success, leveraging technology and innovation to drive further growth and enhance its service offerings. The bank’s leadership in digital banking, combined with its solid financial foundation, positions it well for future success in the increasingly competitive banking sector.
The recognition at the ABF Awards 2024 is not just a celebration of past achievements but also a promise of continued excellence. Chinabank’s commitment to delivering superior financial services and its strategic focus on innovation and customer satisfaction will undoubtedly propel it to new heights in the coming years.
In addition to the ABF awards, Chinabank has garnered other international and local accolades over the years. Notably, the bank earned a spot in the inaugural Fortune Southeast Asia 500, a list of the top 500 companies in the region in terms of total revenues. This further cements Chinabank’s reputation as a key player in the region’s financial landscape.