China Banking Corporation (China Bank) is the first privately-owned local commercial bank in the Philippines. It was incorporated on July 20, 1920 and started its operations on August 16, 1920. It went public on December 1, 1965. China Bank resumes its operations after World War II on July 23, 1945, five months after the liberation of Manila. The bank played a key role in the post-war reconstruction and economic recovery by providing financial support to businesses and entrepreneurs. China Bank was the first bank in Southeast Asia to process both savings and current accounts online in 1969.
China Bank upgraded its on-line system and launched TellerCard in 1988, the Bank’s ATM banking service, making them the first Philippine bank to offer telephone banking. In 1991, China Bank acquired its universal bank license, making it possible to offer a more diverse selection of products and services. The financial products and services the bank offers include deposits and related services, international banking services, insurance products, loans and credit facilities, trust and investment services, cash management services, and other services such as acceptance of bill payments and donations to charitable institutions.
Due to the outstanding performance of the bank, it received many awards and was recognized by local and international industries. In 2004, China Bank was recognized as Outstanding Commercial Bank by Consumers Union of the Philippines and Most Outstanding Commercial Bank by the Philippine Marketing Excellence Awards (National Awards). The same year, the Bank launched Cash Management Services for businesses and corporate clients. In 2005, China Bank is an Annual National Consumer Awardee for Outstanding Commercial Bank, given by Parangal ng Bayan.
The Bank also received a National Consumer Quality Award and Global Excellence Award for the same distinction. In 2006, China Bank was awarded Best Website – Banking and Finance by the Philippine Webby Awards. In 2009, China Bank was cited by Stern Stewart & Co. , a leading worldwide management consulting firm based in New York, as one of the top 100 listed companies throughout Southeast Asia in terms of delivering shareholder value for the period 2002-2008. China Bank was one of only 11 Philippine companies and one of two Philippine banks to be included in the ASEAN 100 Relative Wealth Added Index.
In 2010, China Bank was included in the 30-stock PSE index (PSEi) starting May 12; Silver awardee on corporate governance, one of the top-scoring Publicly Listed Company by the Institute of Corporate Directors (ICD); celebrated its 90th anniversary. China Bank was once again recognized by the Bureau of Treasury for its active role in money market and capital development, naming the Bank as one of the “Top Ten Best Performing Government Securities Eligible Dealers (GSED) in the Primary Market for 2010.
” China Bank offers savings such as ChinaCheck Plus, Passbook Savings, Statement Savings, MoneyPlus Savings, Certificate of Time Deposit, Diamond Savings, US Dollar Savings, US Dollar Time Deposit, Banking Day and Night. The bank targets different sectors in the country with their requirements such as minimum average daily balance and initial deposit requirements. China Bank also offers two typle of loans. The HomePlus Loan and the AutoPlus Loan.
HomePlus loan helps consumers and potential customers to purchase a residential lot, house and lot, townhouse or a condominium unit, construct or renovate residential improvements, reimburse recent construction or the purchase of residential property or refinancing an existing housing loan with other financial institutions. AutoPlus Loan helps consumers and potential customers to Purchase a brand new or 2nd hand vehicle, reimburse the cost of a brand new vehicle within 30 days from purchase or avail of a multi-purpose loan against your own vehicle.
The bank also offers trust services and remittances. It also offers not only Peso-Denominated Treasury Bills, Retail Treasury Bonds, Fixed Rate Treasury Notes and Prime Corporate Bonds, but also Dollar-Denominated Republic of the Philippines (ROP) Dollar Bonds, BSP Bonds and Prime Corporate Bonds, as well as Euro-Denominated Republic of the Philippines (ROP) Euro Bonds. The bank operates under an established corporate governance policy which is in accordance with the guidelines of the Bangko Sentral ng Pilipinas and the Securities and Exchange Commission.
The Board of Directors assesses the performance of the company annually. The bank also take into account the interests of shareholders and the well being of their employees. In 2008, China Banking Corporation (China Bank) has selected Reuters Kondor+, a global straight thru processing (STP) front to back Treasury system, to help the bank manage its financial exposures and trading business.
The web-based platform offers a sophisticated and flexible means of pricing and capturing deals, real-time position keeping and managing risk across all asset classes. With a host of new features, Kondor+ offers comprehensive coverage of all instruments, giving China Bank the capability to efficiently manage its diverse market exposures, and the flexibility to define and launch new products quickly.