The Bank of China joint stock company (Simplified Chinese: ZTE Bank; Traditional Chinese: Zhonghuhang; Pinyin: Zhāngxāng Yínháng; Peh-āe-já: Tiong-heng Gøn-hâng; PSE: CBC), commonly known as Chinabank, is a Philippine bank established in 1920. It was the first privately owned local commercial bank in the Philippines, initially catering to the banking needs of Chinese businesspeople in the Philippines. It offers a wide range of banking services and products related to deposits, investments, trusts, cash management, remittances, and financing products and services. The company also provides insurance brokerage, stockbroking, capital markets, and bancassurance services through its subsidiaries and affiliates.

Chinabank is the fourth largest private universal bank in the Philippines. It was named Best Bank in the Philippines 2021 by The Asset and Employer of the Year 2023 by the Philippine Association of Personnel Management.

Chinabank is also one of the best-governed public companies. It was named one of the top 20 listed companies in ASEAN, one of the top 3 listed companies in the ASEAN asset class and the Philippines by the ASEAN Capital Markets Forum (ACMF), and was named a Winner of the Hardware Arrow Award by the Association of Company Directors in recognition of the bank's outstanding corporate governance.

Beginning

Building of China Banking Corporation, the bank's former headquarters in Binondo, Manila

On August 16, 1920, Bank of China, founded by Dee C. Chuan, Albino SyCip, Guillermo A. Cu Unjieng, Carlos Palanca Sr. and other visionaries, opened its first office at 90 Rosario Street, Binondo (now Quintin Paredes), with JW McFerran as its first general manager. Soon after, Eugene E. Wing of the International Banking Corporation took over and managed Bank of China's operations until 1936. This mix of cultures represented a seamless integration of Eastern and Western banking policies - an era in which the Financial Institution Group, which was governed by Western policies, refused to comply with the rules of xınyong (Hokkien: credit; Peh-øe-jí: sın-iøng) or trustworthiness. The Bank of China recognized the value of xınyong, issued small loans to customers and suppliers, and opened credit accounts without the need for collateral. In 1924, the company built its headquarters in Binondo. In September 1927, just a month after the opening of the country's first stock exchange, Bank of China made history by becoming one of the first companies to list publicly on the Manila Stock Exchange.

Bank of China later opened two overseas branches in China, one in Xiamen in 1925 and the other in Shanghai in 1929. However, both branches were closed in 1944 as political conditions in China became unfavorable for operations.

Bank of China collapsed in 1942 when Japanese occupation forces invaded Manila. By the end of 1941, however, the bank was making steady deposits and, with the help of US Treasury officials in Manila, turned over the assets to the custody of Francis Bowes Sayre Sr., the United States High Commissioner to the Philippines. With these overseas assets and the full cooperation of the Banking Bureau, Bank of China reopened in 1945.

Bank of China played a key role in post-World War II reconstruction and recovery by supporting businesses and entrepreneurs in key industries. It opened its first branch in 1949 on the outskirts of Manila in Cebu. In 1969, Bank of China computerized its operations and became the first bank in South East Asia to process deposit accounts online. In the same year, its new headquarters, the 15-story Bank of China building in Makati, was completed. Bank of China upgraded its online system in 1988 and launched TellerCard ATM accounts and TellerPhone, the first telephone banking service in the Philippines. In 1990, Bank of China, along with seven other banks, established BancNet, which is currently the largest ATM network in the country.

In 1991, Chinabank received a Universal Bank license, ushering in an era of expanded banking. It launched consumer loans HomePlus Loan and AutoPlus Loan in 1994, followed by China Check Plus, an interest-bearing checking account, in 1996. In the same year, Bank of China launched its first entry into the offshore capital markets with the issuance of a $50 million floating rate certificate of deposit (FRCD).

With Chinabank's investment in new technologies, it launched cash management services in 2004, followed by online banking and money transfer services in 2006. In the same year, with 146 branches at the time, it embarked on an aggressive branch network expansion program.

Growth over the years

Chinabank Branch in Apalit, Pampanga

Chinabank Branch in SM City Cebu

Chinabank has been involved in strategic alliances to expand and strengthen its business. In 2007, it formed a bancassurance joint venture with Manulife, one of the world's leading insurance companies, to form Manulife Bank of China Life Insurance joint stock company (MCBLife) and acquired a majority stake in Bank Manila, one of the country's oldest savings banks.

In 2008, BOC Savings (CBS), a subsidiary of BOC Savings Bank, began operations. Positioning as an alternative to traditional banks, CBS positions entry-level and start-up clients as asset accumulators, offering products and services tailored to different life stages, such as basic deposit products for those accumulating savings, basic loan products to fund personal dreams, and investment products. In 2012, Bank of China acquired Unity Bank, headquartered in Pampanga province, which merged with CBS in 2014. In the same year, Bank of China acquired Planters Development Bank (Plantersbank). To round out its product range, Bank of China formed a credit card partnership with MasterCard in 2013, initially launching three credit card types: Chinabank Prime, Chinabank Platinum, and Chinabank World MasterCard. The bank expanded its credit card offerings in 2021 with Chinabank Cash Rewards Mastercard and Chinabank Freedom Mastercard, as well as Chinabank Destinations Mastercard in 2023.

Centennial

Signs from 1995 to 2017

Signs from 2017 to 2024, CBC-free monogram

Chinabank celebrates its 100th anniversary milestone in 2020. At the heart of its centennial celebration is the restoration of its original headquarters, which began in 2018. The restored building was inaugurated in 2021 due to construction delays caused by the pandemic. It houses the historic signs of the National Historical Commission of the Philippines and the important cultural property signs of the National Museum of the Philippines. The bank also approved the Centennial Share Grant Program, in which regular employees of Bank of China Group are entitled to 100 shares of Bank of China for each year of service as of August 16, 2020. Shareholders approved the resolution at the 2020 Virtual Extraordinary General Meeting.

Brand Renewal

Bank of China modernized its brand and image in 2024, signed its first-ever brand ambassador, Miss Universe Philippines 2023, Michelle Dee, and launched a new logo and digital campaign. The new tagline, "Focused on You," is also the title of its new advertising slogan and digital campaign, reflecting the bank's strong commitment to serving its customers and keeping their best interests in mind. The new logo, with its stylized "CBC" monogram, is a symbol that embodies stability and simplicity, giving the Bank of China a younger, more agile and dynamic appearance.

On June 19, 2024, during a bell-ringing ceremony presided over by the chairpeople of the Philippine Stock Exchange, Hans T. Sy and José T. Pardo, the Bank of China's stock code was changed from "CHIB" to "CBC".

Subsidiaries and Affiliates

Bank of China owns the following subsidiaries and affiliates:

• CBS
• BOC Capital
• BOC Securities
• Bank of China Property and Computer Center
• Recovery Capital
• Bank of China Insurance Brokerage
• Manulife Bank of China

Equity Structure

• Publicly Owned: 56.832%
• Main/Main Shareholders: 37.9859%
• Number of Directors: 2.3778%
• Officers: 0.8247%
• Others: 1.9796%