China Bank Strengthens SME Focus with Plantersbank Deal

Manila—(PHStocks)—Planters Development Bank (Plantersbank) and China Banking Corp. (CHIB) signed today the Memorandum of Agreement for Plantersbank to become part of the China Bank Group. The agreement calls for the purchase by China Bank of more than two-thirds of Plantersbank’s shares, subject to approval of the bank’s shareholders and regulatory offices. The deal combines the […]
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BDO Unloads PELAC Stake to Philamlife

Banco De Oro Unibank Inc. (PSE: BDO) has sold its 5% stake in Philam Equitable Life Assurance Company, Inc. (PELAC) to The Philippine American Life and General Insurance Co. (Philamlife). PELAC is the joint venture company through which the former Equitable PCI Bank (EPCIB) and Philamlife engaged in the bancassurance business. BDO acquired its 5% […]
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China Bank Reports 22% Profit Growth

China Banking Corp. (China Bank, PSE: CHIB) has reported 2010 audited net income of PhP5 billion, an increase of 22%, driven by revenues from continued loans growth and improved trading gains. Fee-based businesses such as bancassurance, private banking, cash management and remittances also contributed to the earnings growth. China Bank’s 2010 financial ratios underscore its […]
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BDO on Track to Meet PhP8.1B Net Income Goal for 2010

Banco De Oro Unibank Inc.‘s (PSE: BDO) consolidated resources has breached the PhP1-trillion mark at the end of 2010, a 16% increase from the previous year’s level of PhP862 billion. The growth was driven by the steady performance of BDO’s various businesses. As such, BDO is also on track to attain its net income goal […]
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