To commemorate its centennial year, China Banking Corporation (China Bank) is extending ownership to its employees. The Bank’s board approved on August 5 a Centennial Stock Grant Plan wherein its regular employees will be given 100 China Bank shares for every year of service, subject to the approval of regulatory agencies.
“This year marks China Bank’s 100th year and we couldn’t have achieved this milestone without the commitment and hard work of China Bankers. This gift of equity ownership is our way of thanking them for their part in China Bank’s success and resilience,” said China Bank Chairman Hans T. Sy. “China Bank is where people come to build careers. I take great pride in our loyal employees and in their deep sense of ownership that they always do what’s best for the Bank and for our customers. Now, they’re not only emotionally invested in China Bank, they own part of it.”
The Centennial Stock Grant Plan covers China Bank Group employees, including subsidiaries, who have rendered at least one year of service as of August 16, 2020. Grantees have to hold on to the shares for a minimum of two years. If they want to sell the shares, they can only do so after August 16, 2022. Employees can buy additional shares anytime. The stock grant will be presented to the stockholders for approval and ratification at the special stockholders’ meeting on October 1, 2020.
“We have a lot of employees who are already shareholders—some started buying even before they joined the Bank. With this stock grant, we are building a culture of ownership. For me, the best part of growing a company is attracting and retaining upstanding and talented individuals who share the mindset of working together and are personally invested in the Bank’s success,” said Sy.
The China Bank Group as the end of July has a total of 9,741 employees nationwide. As of August 5, China Bank shares closed at P20.05 apiece.
ADVT.