Beginnings
Chinabank, founded by Dee C. Chuan, Albino SyCip, Guillermo A. CuUnjieng, Sr., Carlos T. Palanca, Sr. and other visionaries, opened its first office at Rosario (now Quintin Paredes) Street, Binondo on August 16, 1920, with J.W. McFerran as the first general manager. Shortly afterward, Eugene E. Wing of the International Banking Corporation took over and managed China Bank's operations until 1936. This mixture of cultures represented a seamless merger of Western and Eastern banking policies—an obvious lack during those days when financial institutions governed by Western policies declined credit loans of wealthy Filipino-Chinese businesspeople who operated on the principle of xìnyong (Hokkien ) or trustworthiness. Chinabank recognized the value of xìnyong and granted small loans and opened credit accounts with patrons and suppliers without demand for collateral. In 1924, the company completed its headquarters in Binondo.[5] In September 1927, only a month after the country opened its first stock exchange, Chinabank made history as one of the first companies to publicly list on the Manila Stock Exchange.
Chinabank later opened two overseas branches in China, one in Amoy in 1925 and another in Shanghai in 1929. However, both branches closed in 1944 when political conditions in China became inimical to operations.
When the Japanese occupational forces invaded Manila in 1942, Chinabank closed. However, by the end of 1941, the Bank had been making steady deposits and turning over assets to the United States High Commissioner to the Philippines Francis Bowes Sayre Sr. for safekeeping, with the help of the officials of the US Treasury Department of Manila. With these overseas assets and the Bureau of Banking's full cooperation, Chinabank reopened in 1945.
Chinabank played a key role in post-World War II reconstruction and recovery through its support to businesses and entrepreneurs in critical industries. It opened its first branch outside Manila in Cebu in 1949. In 1969, China Bank computerized its operations, becoming the first bank in Southeast Asia to process deposit accounts online. On the same year, its new headquarters, the 15-storey China Bank Building in Makati, was completed.[6] China Bank upgraded its online system in 1988 and launched the TellerCard ATM account and TellerPhone, the first telephone banking service in the Philippines. In 1990, China Bank, along with seven other banks, set up BancNet, currently the country's largest ATM network.
In 1991, Chinabank acquired its universal bank license, ushering an era of expanded banking operations. It launched its consumer loans in 1994, HomePlus Loan and AutoPlus Loan, followed by China Check Plus, an interest-earning checking account in 1996. In the same year, Chinabank accessed offshore capital markets for the first time by issuing US$50-million Floating Rate Certificate of Deposit (FRCD).
As Chinabank invested in new technologies, it launched its Cash Management services in 2004, followed by internet banking and remittance services in 2006. In the same year, with 146 branches at the time, it embarked on an aggressive branch network expansion program.
Growth through the years
Chinabank has been involved in strategic alliances to expand and strengthen its operations. In 2007, it entered into a Bancassurance joint venture with the Manulife, one of the leading insurance companies in the world, to form Manulife China Bank Life Assurance Corporation (MCBLife),[7] and acquired the majority shares in Manila Bank, one of the oldest savings banks in the country.[8]
In 2008, Chinabank's thrift bank subsidiary China Bank Savings (CBS) began operations. Positioned to be an alternative to traditional banking, CBS targets entry level and start-up customers to asset accumulators, offering products and services that match different life stages, like basic deposit products for those building up their savings, basic loan products to fund personal dreams, and investment products. In 2012, Chinabank acquired Pampanga-based Unity Bank, which was merged with CBS in 2014. In the same year, Chinabank acquired Planters Development Bank (Plantersbank).[9]
Brand refresh
Ahead of 105th year by 2025, Chinabank modernized its brand and image in 2024, signing up its first ever brand ambassador Miss Universe Philippines 2023 Michelle Dee and launching a new logo and digital campaign.[16] The new tagline “Focused on You”, which is also the title of its new jingle and digital campaign, reflects the bank's firm commitment to serving its customers and putting their best interests in mind. The new logo, with its stylized “CBC” monogram, a symbol that embodies stability and simplicity, gives Chinabank a younger, more agile, and dynamic look.
In June 19, 2024, at the Philippine Stock Exchange bell ringing ceremony led by Chair Hans T. Sy and Chair José T. Pardo, Chinabank's stock symbol was rebranded to "CBC" from "CHIB".[17][18]
