Makati—(PHStocks)—The China Bank Group (PSE: CHIB), through China Bank Capital Corp., signed the Share Purchase Agreement, subject to standard regulatory approvals, on 29 June 2016 to acquire 100% shares in ATC Securities Inc. ATC Securities was incorporated on December 13, 1978 as Cathay Asia Securities Inc. to engage in securities brokerage and dealership, and changed its name to ATC Securities Inc. in 1984. It is a Trading Participant in the Philippine Stock Exchange (PSE) and maintains a trading booth located at the trading floor of the PSE in Makati City.
The closing of the purchase of the brokerage firm by China Bank Capital will be subject to due diligence, valuation and adjustments of the assets of the company and approval by the Securities and Exchange Commission (SEC) and the PSE.
As disclosed earlier, ATC Securities will eventually be renamed China Bank Securities Corp. and will serve as the stock brokerage arm of the China Bank Group. Upon closing, China Bank Capital will build up the capitalization of China Bank securities to PhP100 million, the minimum mandated by SEC for dealer brokers.
China Bank is the country’s first privately owned local commercial bank and now one of the largest private universal banks in the Philippines providing a full range of banking products and services to corporate, commercial, and retail customers through over 500 branches nationwide (includes thrift bank subsidiary, China Bank Savings CBS). China Bank also recently won a Bell Award for Corporate Governance for the fourth year in a row. It is again the only bank among the awardees in the publicly listed company category and the only awardee to have won in all Bell Awards since it was launched by the Philippine Stock Exchange in 2012.