Success 101 as told by China Bank’s 101 years of success and enduring relationships of trust
A company’s success is not only measured by money. For China Banking Corporation (China Bank), one of the leading private universal banks in the Philippines, it’s a matter of trust. China Bank defines its success by the richness of its history of helping businesses succeed and the economy grow, by the strength of its relationships with its employees and customers, and by the soundness of its principles and practices to remain strong and resilient amid adversities.
China Bank was founded by Dee C. Chuan, a business leader and philanthropist, Don Albino Sycip, known as the Dean of Philippine Banking, and ten other prominent businessmen of the era to help struggling merchants succeed in their endeavors. However, when Japan invaded Manila in 1942, the Bank was liquidated by the Japanese Military authorities. It reopened on July 23, 1945 and played a key role in post-World War II reconstruction and economic recovery by lending heavily to businesses and entrepreneurs in critical industries.
Since then, China Bank has grown and flourished, doing well by doing good for country and society and cementing its reputation as a trustworthy and dependable institution. Through wars, political upheavals, economic crises, and now, a global pandemic, China Bank has survived and thrived while helping its stakeholders to do the same. This year, China Bank celebrates another milestone anniversary with pride for its rich history, gratitude for how far it has come, and enthusiasm for the journey ahead.
Celebrating the past: history and heritage
China Bank opened for business on August 16, 1920 at No. 90 Calle Rosario (now Quintin Paredes Street) Binondo, Manila with an in-depth understanding of the way Chinese entrepreneurs and businessmen do business. Since then, a succession of highly capable leaders and visionaries steered the Bank into decades of successful operations. In fact, China Bank was among the first local banks listed on the Manila Stock Exchange in 1927, the first in Southeast Asia to process deposit accounts online in 1969, and the first to offer telephone banking in the Philippines in 1988.
On its 100th year, China Bank embarked on culturally significant endeavors to preserve its heritage and to help revive the world’s oldest Chinatown, Binondo, for today’s generation and the next. The Bank launched the Binondo Heritage Restoration Project, the centerpiece of its centennial celebration, to restore its very first headquarters, built in 1924, to its original architecture and make it resilient for the next 100 years.
China Bank Binondo Business Center located at the corner of Dasmariñas St. and Juan Luna St.
On December 21, 2021, the faithfully restored China Bank Binondo Business Center was inaugurated by Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno. At the same event, the historical markers from the National Historical Commission of the Philippines (NHCP) and the National Museum of the Philippines were unveiled. The markers signify the NHCP’s recognition of China Bank’s 100-year history and of its original head office as a heritage site, and the National Museum’s confirmation of the building’s cultural significance to the country.
Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno, third from left, and China Bank President William Whang, second from left, lead the ceremonial ribbon cutting to inaugurate the genuinely restored China Bank Binondo Business Center on December 21, 2021. They are joined by (from left) China Bank Director Ricardo Chua, Chief Finance Officer Patrick Cheng, National Historical Commission of the Philippines Chairman Rene Escalante, and National Museum Deputy Director General Atty. Ma. Rosenne Flores-Avila.
One major component of the restoration is the construction of the China Bank Museum, a venue for experiencing China Bank’s story, as depicted in its core values. One area illustrates China Bank’s “Resourcefulness and Initiative”, putting in context the birth of China Bank in the early 20th century to help aspiring entrepreneurs newly migrated from China to the Philippines. Here, the Bank’s Articles of Incorporation is displayed, showing the migration flow from Southeast China to the Philippines.
The China Bank Museum at the fourth floor of the China Bank Binondo Business Center tells China Bank’s unique story through photos, artifacts, videos, and paintings.
The core value “Concern for People” is in another contemplative and quaint room-like space where visitors can watch video documentaries and view documents such as the handwritten account of Imperial Japan’s liquidation of the Bank after the World War II, and papers on the Liberty Wells Foundation, initiated by Albino Z. SyCip in 1953 to bring potable water to the people. The “High Performance Standards” gallery, on the other hand, stands by the Bank’s corporate assertion: longevity is a hallmark of a bank performing at unusually high standards.
In its own ritual of remembrance, China Bank chronicled its meaningful journey through a centennial book entitled 100 Years of Trust: The China Bank Story. The book, which is an expansive update of the one published for its 90th anniversary, highlights the Bank’s history and culture, struggles and triumphs, and the generations of loyal clients who achieved their dreams with China Bank as their partner through the good times and the bad.
Editor Jose Dalisay, leftmost, and author Nancy Rodrigo, second from right, present the centennial book to China Bank Chairman Hans Sy, middle, and China Bank President William Whang, second from left, with China Bank Centennial Committee Chairman Alexander Escucha rightmost.
To commemorate China Bank’s centennial and its contributions to the country’s growth and history, the Philippine Postal Corporation issued 30,000 limited edition special postage stamps, in P12-denomination, featuring the China Bank Binondo Business Center in Manila.
But perhaps what is most remarkable about China Bank’s centennial celebration was its unprecendented Centennial Stock Grant Plan. As a gesture of appreciation for its greatest asset, its employees, the Bank issued 100 shares for every year of service, or a total of nearly 5.4 million shares to over 8,300 qualified employees.
Embracing the future: prospects and promise
China Bank’s strength and resilience is underpinned by its innovative spirit and openness to change. Way before the global pandemic hit, the Bank began its digital transformation to better serve its customers and future-proof its operations. With its robust technology infrastructure, China Bank was able to quickly adapt to the new normal and sustain high levels of service efficiency with its digital channels—ATMs, China Bank TellerPhone, China Bank Online, and China Bank Mobile App.
From its pioneering days of being the first bank in Southeast Asia to process deposit accounts online, China Bank has been taking huge leaps to provide its customers with utmost banking convenience and security, and to support the BSP’s drive to boost digital payments in the country. The Bank was a pilot participant in InstaPay, launched in 2018, the National QR Code Standard or QR Ph for person-to-person payments, launched in 2019, and QR Ph for person-to-merchant payments, launched in 2021.
With an eye on the future, China Bank continues to enhance its digital offerings. It added the Pay-to-Scan feature in its mobile app so customers can simply scan a QR code to pay for purchases or to transfer funds and implemented InstaPay 2.0 multi-proxy feature for easy fund transfers using a mobile number or email address. It also launched ChinaBankSec Online, a platform that enables investors to buy and sell stocks from their mobile phones, tablets, or computers. More digital initiatives are in the pipeline to deliver innovative and intuitive banking at the touch of a fingertip.
While digitalization makes China Bank more responsive and efficient, its strong fundamentals—profitability, liquidity, capitalization, governance and sustainability—position it well for future growth. Amid the challenges of the pandemic, China Bank maintained its investment grade credit rating from Moody’s Investors Service and the highest credit rating from PhilRatings. And as a testament to its financial strength, China Bank was named the Best Bank in the Philippines by Hong Kong-based financial publication, The Asset—besting even country’s larger banks. The Asset also named China Bank Capital the Best Bond Adviser (Domestic) for the sixth consecutive year.
With its solid financials, strong commitment to quality service, significant contribution to the country’s financial landscape, and an enduring legacy of successful partnerships with generations of clients, China Bank remains one of the most respected, trusted, stable, and profitable financial institutions in the country, even after more than a century.
For more information about China Bank and its services, visit https://www.chinabank.ph/100years/ today.
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