Chinabank raising P100B until 2028
The bank’s Board of Directors approved the fundraising exercise on 8 January 2025 with proceeds used to support Chinabank’s strategic initiatives and expansion programs
SM Group unit Chinabank’s total assets jumped by 13 percent to P1.6 trillion, making it the country’s fourth largest private bank.
PhotogrAPH COURTESY OF Chinabank
China Banking Corp. (Chinabank) aims to raise capital of up to P100 billion in the next three years through retail bonds and/or commercial papers.
“The proceeds shall be used to support the bank’s strategic initiatives and expansion programs,” Chinabank said in a disclosure to the Philippine Stock Exchange on Thursday.
Chinabank said its Board of Directors approved the fundraising exercise on 8 January.
Rebranding campaign
Last year, Chinabank announced a rebranding campaign that stresses the bank’s efforts, including digital and green initiatives, to reach more customer segments.
“We believe this brand refresh will develop the Chinabank brand in the right way and enable us to deepen existing relationships and connect with a broader market,” Chinabank head of investor and corporate relations Gerald Florentino said.
For example, the bank has been allocating funds for its Visa-powered credit cards made of recycled plastic as it caters to the market’s “eco-conscious mindset.” The credit cards were introduced in October last year.
Chinabank grew its net income by 13 percent to P18.4 billion in the first nine months of 2024, as consumer and corporate loans expanded the bank’s loan portfolio to P871.6 billion.
Similarly, total assets jumped by 13 percent to P1.6 trillion, making Chinabank the country’s fourth-largest private bank.
Meanwhile, Chinabank grew its capital by 15 percent to P162.7 billion.