China Bank raises US$158M via loan syndication

China Banking Corporation (China Bank) has secured a US$158 million three-year term loan facility from regional and international banks.

The facility marks China Bank’s triumphant return to the international markets since its successful US$125 million floating rate certificates of deposit (FRCD) issue in 1996 and 1997. Proceeds will be used for general corporate purposes and to support the growth of China Bank’s dollar assets. The facility carries an interest margin of 1.40% per annum over 3 months Libor.

“We are pleased with the positive response of the international lenders to this transaction. It reflects the international FI’s confidence in China Bank’s solid fundamentals — strong capital levels, well diversified loan portfolio and quality assets, and strong balance sheet with sustainable growth,” said China Bank President & CEO Ricardo R. Chua during the signing of the facility agreement.

The syndication was launched on May 18, 2015 in Taiwan, attracting strong interest from financial institutions based in Asia and the Middle East, some of which are supporting China Bank for the first time.

Australia and New Zealand Banking Group Limited was the Mandated Lead Arranger and Book Runner. KDB Group (The Korea Development Bank – Seoul Head Office, KDB Asia Limited – Hong Kong) and Mizuho Bank, Ltd – Singapore Branch were the Mandated Lead Arrangers. Doha Bank Q.S.C. was the Lead Arranger. The Arrangers were Mega International Commercial Bank Co., Ltd., CTBC Bank Co., Ltd. Singapore, The Shanghai Commercial & Savings Bank, Ltd., Taiwan Cooperative Bank, and Taishin International Bank Co, Ltd.

Founded in 1920, China Bank is the country’s first privately owned local commercial bank and now the fifth largest domestic private universal bank in the country with over P477 billion in assets. It serves the banking needs of the corporate, commercial, and retail markets. With the acquisition of Planters Development Bank (Plantersbank) in 2014, and its eventual merger with China Bank Savings (CBS), China Bank is building a stronger platform for SME finance. The China Bank Group now has 483 branches to date (319 China Bank, 86 CBS, and 78 Plantersbank). This wide branch network is complemented by electronic banking channels—ATM, online, mobile, and phone banking—that provide secure and reliable 24/7 banking service.

China Bank raises US$158M via loan syndication

China Banking Corporation (China Bank) has secured a US$158 million three-year term loan facility from regional and international banks.

The facility marks China Bank’s triumphant return to the international markets since its successful US$125 million floating rate certificates of deposit (FRCD) issue in 1996 and 1997. Proceeds will be used for general corporate purposes and to support the growth of China Bank’s dollar assets. The facility carries an interest margin of 1.40% per annum over 3 months Libor.

“We are pleased with the positive response of the international lenders to this transaction. It reflects the international FI’s confidence in China Bank’s solid fundamentals — strong capital levels, well diversified loan portfolio and quality assets, and strong balance sheet with sustainable growth,” said China Bank President & CEO Ricardo R. Chua during the signing of the facility agreement.

The syndication was launched on May 18, 2015 in Taiwan, attracting strong interest from financial institutions based in Asia and the Middle East, some of which are supporting China Bank for the first time.

Australia and New Zealand Banking Group Limited was the Mandated Lead Arranger and Book Runner. KDB Group (The Korea Development Bank – Seoul Head Office, KDB Asia Limited – Hong Kong) and Mizuho Bank, Ltd – Singapore Branch were the Mandated Lead Arrangers. Doha Bank Q.S.C. was the Lead Arranger. The Arrangers were Mega International Commercial Bank Co., Ltd., CTBC Bank Co., Ltd. Singapore, The Shanghai Commercial & Savings Bank, Ltd., Taiwan Cooperative Bank, and Taishin International Bank Co, Ltd.

Founded in 1920, China Bank is the country’s first privately owned local commercial bank and now the fifth largest domestic private universal bank in the country with over P477 billion in assets. It serves the banking needs of the corporate, commercial, and retail markets. With the acquisition of Planters Development Bank (Plantersbank) in 2014, and its eventual merger with China Bank Savings (CBS), China Bank is building a stronger platform for SME finance. The China Bank Group now has 483 branches to date (319 China Bank, 86 CBS, and 78 Plantersbank). This wide branch network is complemented by electronic banking channels—ATM, online, mobile, and phone banking—that provide secure and reliable 24/7 banking service.

China Bank opens 2nd branch in La Union; CBS opens 7 branches

China Banking Corporation (China Bank) and its thrift bank arm China Bank Savings (CBS) continue to branch out in Metro Manila and Luzon, opening eight of the planned 50 new branches in 2015.

China Bank La Union-Agoo Branch, its second branch in La Union and 315th branch nationwide, began operations today. Meanwhile, CBS opened seven branches in February in a fresh bid to increase its share of the consumer and SME markets. The new CBS branches are San Juan, Better Living, Laguna-Sta. Cruz, Cavite City, SM Hypermarket FTI-Taguig, Savemore Tagaytay-Mendez, and Savemore Malabon-Francis Market. CBS has 85 branches to date, 11 of which are Easi-Banking branches that are open daily and with longer banking hours.

The China Bank Group’s nationwide branch network is now 478-strong, including the 78 branches of Plantersbank.

China Bank La Union-Agoo Branch is located along the National Highway, San Jose Norte, Agoo, La Union, and headed by Rommel M. Agacita. It is open on weekdays, from 9:00 am to 4:00 pm., and equipped with an ATM and a night depository box to provide customers with 24/7 banking convenience.

CBS San Juan Branch, headed by Jeannette Mae E. Castillo, is at Madison Square, 264 N. Domingo St., Barangay Pasadena, San Juan; CBS Better Living Branch is at 90 Doña Soledad Avenue, Better Living Subd, Bicutan, Parañaque, headed by Dimples Dacio; CBS Laguna-Sta. Cruz Branch is at E & E Building, Pedro Guevarra Avenue, Sta. Cruz, Laguna, headed by Ma. Lesly G. Amparo; and CBS Cavite City Branch is at 485 P. Burgos St., Barangay 34, Caridad, Cavite City, headed by Alaine M. Catapang. These branches are open from Monday to Friday, from 9:00 am to 4:30 pm. and are also equipped with ATMs.

CBS branches conveniently located inside Savemore and SM Hypermarket are equipped with an ATM, a night depository box, and an Online Banking kiosk. SM Hypermarket FTI-Taguig Branch is in Western Bicutan, open from Monday to Saturday, from 11:00 am to 7:00 pm, with Mary Ann P. Tenedero as branch service head. Savemore Tagaytay-Mendez Branch is at the corner of Tagaytay-Nasugbu Highway and Mendez-Tagaytay Road, while Savemore Malabon-Francis Market Branch is at the corner of Governor Pascual and M.H. Del Pilar Sts. Jenilyn Y. Chua and Shelina H. De Jesus are the branch sales and service officers, respectively. Both Tagaytay-Mendez and Malabon-Francis Market branches in Savemore are open from Monday to Saturday, from 10:00 am to 6:00 pm.

Founded in 1920, China Bank is the country’s first privately owned local commercial bank and now the fifth largest private universal bank in terms of assets and number of branches. In a strategic move to sharpen its retail banking focus, China Bank acquired in 2007 the oldest savings bank in the country, Manila Bank, and re-launched it as China Bank Savings. Now, with the acquisition in January 2014 of Plantersbank, the country’s leading bank in SME finance, and its eventual merger with CBS, China Bank is building a stronger platform for SME finance. The branch network expansion is part of the strategy to serve a wider market and position China Bank and CBS for future growth.

SM Posts 14.4% Growth in Recurring Net Income in 2014

SM Investments Corporation (SM) reported a record net income in 2014 of PHP28.4 billion. Excluding extraordinary items, recurring net income grew 14.4%.

SM’s underlying earnings growth was mainly driven by BDO Unibank, Inc., which posted a core income growth of 18%. Together with China Banking Corporation, banks accounted for 41% of SM’s consolidated net income in 2014. Property contributed 38% and retail 21%.

The record 2014 consolidated net income of PHP28.4 billion compares with PHP27.4 billion in 2013. These include exceptional items such as trading gains from the group’s banking businesses.

Consolidated revenues grew 9% to PHP275.7 billion in 2014 from PHP253.3 billion in 2013. This was the result of a good retail sales environment which also boosted rental revenues in SM’s property business.

The total assets of SM grew 12% in the past year to PHP711.9 billion. SM maintains a very healthy balance sheet with a conservative gearing ratio of 34% net debt to 66% equity.

SM raised PHP15 billion in May 2014 from a public offer of peso-denominated retail bonds with maturities of 7 and 10 years. The SM bonds were rated Aaa by Philippine Rating Services Corporation, the highest rating assigned by the credit rating firm.

In June 2014, SM issued a USD350 million 10-year senior unsecured bond at a fixed rate of 4.875% per annum, a landmark transaction marking the longest-dated USD bond issued by SM and the company’s fourth USD bond issuance since 2009. The issuance earned SM the Region’s Best Borrower Award from Hong Kong publication Finance Asia.

“The group’s strong underlying earnings growth of 14.4% in 2014 was the result of solid performance and ongoing expansion in all our three core businesses. During the year we raised additional capital and entered into several strong partnerships, accelerating our investments for growth and ensuring we expand in line with our continuing optimism about the economic prospects of the Philippines,” SM President Harley T. Sy said.