Chinabank wins Domestic Retail Bank of the Year, two other awards from Asian Banking & Finance
Chinabank Honored at ABF Awards 2024
Chinabank Retail Banking Business Segment Co-Heads Jose Osmena Jr. (center) and Clara Sy (rightmost),
with Asian Banking & Finance Publisher and Editor-in-Chief Tim Charlton.
Chinabank was named as the Domestic Retail Bank of the Year - Philippines at the Asian Banking and Finance (ABF) Retail Banking Awards 2024. In addition, the bank and Chinabank Capital won the Debt Deal of the Year - Philippines and IPO (initial public offering) Deal of the Year - Philippines at ABF’s Corporate & Investment Banking Awards 2024. The awarding ceremonies were held on July 5 at the Marina Bay Sands, Singapore.
The Domestic Retail Bank of the Year award recognizes Chinabank's strong performance in the past year, achieving record-high earnings and improved shareholder returns. The country’s fourth largest private universal bank, Chinabank recorded 15% higher net income in 2023 to P22 billion on the back of strong core business growth. Its key profitability metrics have consistently remained among the highest in the industry, with a return on equity exceeding 15% for the past two years.
Apart from its sustained solid financial performance, Chinabank embarked on a digital transformation, adopting a customer-centric, technology-enabled retail strategy to offer seamless customer experiences and convenience in-branch and online. “Throughout its transformation, China Banking Corporation has never lost sight of delivering its commitment to its stakeholders,” ABF noted in its citation.
From left: Chinabank Capital Managing Director Juan Paolo Colet, Chinabank Institutional Banking (IBG)FVP Alfredo Manuel Moreno, Asian Banking and Finance Contributing Editor Nick Atkinson, Chinabank IBGAccount Officer Cranston Hans Ng, and LET Westside officers Maria Frances Marfil and Aldee Celis.ABF also recognized Chinabank and Chinabank Capital for successfully handling significant deals that had a positive impact on clients’ businesses and the industry. Chinabank’s P25 billion project finance facility with Suntrust Resort Holdings, Inc. for the development of a modern integrated resort and casino complex in Entertainment City was named as Debt Deal of the Year. This was the largest term loan facility in the Philippines for an integrated tourism project in 2023, and the largest project finance deal to date to be solely led by Chinabank Capital.
Chinabank Capital also won IPO Deal of the Year for Repower Energy Development Corporation’s (REDC) IPO. Chinabank Capital was the sole issue manager, lead underwriter, and sole bookrunner for the offering which enabled REDC to raise P1.15 billion in 2023 amid a tepid market that prompted bigger companies to defer their IPO plans. Proceeds of the IPO were used to partially fund the equity of REDC’s 15-MW Pulangi micro-hydroelectric power plant in Bukidnon and 4.5-MW Piapi hydropower plant in Quezon, for the development and acquisition of renewable energy projects, and for operating and working capital requirements.
ABF recognizes banks and financial institutions in Asia for their outstanding performance, innovation and excellence in retail and investment banking. Aside from ABF awards, Chinabank has garnered other international and local accolades over the years. The bank also earned a spot in the inaugural Fortune Southeast Asia 500, a list of the top 500 companies in the region in terms of total revenues.
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