China Bank Raises Three-Year Term Loan worth US$158 Million
Published By : 30 Jun 2015 | Published By : QYRESEARCH
China Banking Corporation, also known as China Bank, has raised a three-year term loan facility worth US$158 million from the international and regional banks. Last week the Philippine-based bank signed the agreement which offers an interest margin of 1.40% per annum over three months Libor. As per the agreement, the draw down has been scheduled on 30th June.
The bank has informed the stock exchange beforehand that the proceeds generated from the draw down will be utilized for general corporate purposes and to support the bank’s dollar assets. According to the president and CEO Ricardo R. Chua, the bank is immensely pleased with the support it has gained from the international lenders who have showed faith in the bank’s fundamentals such as diversified loan portfolio, quality assets, robust capital levels, and strong balance sheet with consistent growth. This facility will bring back China Bank to the international markets. The bank’s first step into the international markets was in 1996 and 1997 when it achieved floating rate of certificates of deposit issue worth US$125 million.
In its statement, China Bank mentioned that the merger with China Bank Savings (CBS) and the acquisition of Planters Development Bank (Plantersbank) in 2014 has helped the bank to build a strong platform for SME finance. The China Bank Group has a total of 483 branches which includes 319 branches of China Bank, 78 branches of Plantersbank, and 86 branches of China Bank Savings. With the help of electronic banking channels such as ATM, mobile, online, and phone banking, the bank has achieved a wide network offering banking services round the clock.
China Bank was started in 1920 and is the first privately owned local commercial bank in China. With assets over P477 billion, it is the fifth largest domestic private bank in China.