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Manila Bulletin devider Business devider The Stock Market devider Chinabank changes trading symbol to CBC

Chinabank changes trading symbol to CBC

Published Jun 21, 2024 07:17 am

China Banking Corporation (Chinabank) has changed its stock symbol at the Philippine Stock Exchange (PSE) from "CHIB" to "CBC" following a bell ringing ceremony at the bourse on June 19.

Chinabank bell ringing.JPG
Stage left, from right: Chinabank Chairman Hans Sy, Pres. & CEO Romeo Uyan Jr., and
Directors Joaquin Dee, Jose Sio, Claire Yap, and Genaro Lapez;
Stage right, from left: PSE Chairman Jose Pardo, Directors Vivian Yuchengco and Eddie Gobing,
Chief Operating Officer Atty. Roel Refran, Corporate Secretary Atty. Aissa Encarnacion, and
PSE Issuer Regulation Division Head Atty. Marigel Garcia.

“I believe this is an auspicious time for Chinabank to do this rebranding exercise given its rosy prospects, after having posted a record net income of P22 billion last year,” said PSE Chairman Jose T. Pardo.

He added that “as of end-2023, Chinabank ranked fourth among private domestic banks in three categories: in terms of largest assets at P1.5 trillion; as largest lender with gross loans amounting to P791 billion; and largest deposits at P1.2 trillion.”

Chinabank has also been a member of the PSE MidCap index since February 2023 and, in February this year, it also became a constituent of the PSE Dividend Yield index.

“Chinabank has always regarded its long and rich history with reverence and pride,” Pardo said, noting how the bank has weathered all the natural and man-made turmoil over the last century.

“The bank recognizes that it operates in a totally different economic and financial landscape that warrants a change,” he added.

Part of the brand refresh program to modernize the Chinabank brand and image, the change in stock symbol to "CBC" aims to strengthen the brand recognition of the bank and create a more cohesive and unified representation in the stock market.

“As we ring the trading bell to celebrate the change in our stock symbol, we are not just making a superficial modification,” said Chinabank President and CEO Romeo D. Uyan Jr.

He noted that “we are embracing a new era, one that aligns our ticker with our evolving brand identity. This change represents our commitment to adapt to the changing dynamics of the financial industry and to better communicate our brand strength to investors and customers.”

Among the first companies to be listed on the Manila Stock Exchange in September 1927 as "CHIB", Chinabank has gone through tremendous growth through the years, becoming among the top four private universal banks in the country.

Chinabank has had bell ringing ceremonies to mark, among others, its successful stock rights offerings in 2014 and 2017. In 2024, Chinabank’s stock price has soared to a 10-year high and its market capitalization has surpassed the P100 billion mark.

Related Tags

Jose T. Pardo China Banking Corporation Hans T. Sy Romeo D. Uyan
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