ChinaBank to infuse P360-M in Pampanga’s Unity Bank

China Banking Corp. on Thursday said its board of directors approved a P360-million capital infusion in favor of Pampanga-based Unity Bank. The decisions were made after the Monetary Board – Bangko Sentral’s policy-setting body – allowed ChinaBank to acquire 99.95 percent of Unity Bank’s outstanding subscribed capital stock.

 

ChinaBank also authorized Bangko Sentral ng Pilipinas to debt ChinaBank’s demand deposit account for the capital infusion, ChinaBank noted in a disclosure to the Philippine Stock Exchange.

 

ChinaBank is paying P40 million for Unity Bank or a total investment of P400 million – plus the capital infusion. Unity bank has 15 branches.

 

The Monetary Board also waived the license fees for 18 new branches to be opened and another six branches once ChinaBank unit China Bank Savings Inc. and Unity Bank are merged, the disclosure read.

 

Alberto Emilio V. Ramos was appointed by ChinaBank – a member of the SM Group of Companies – as president of Unity Bank.

 

China Bank is a member of the SM Group of Companies, with Hans T. Sy as board chairman and Peter S. Dee as president. 

 

China Bank currently has nearly 300 branches and is expanding in Mindanao. 

 

China Bank Saving has 24 branches nationwide, most of which are in areas just outside Metro Manila. — VS, GMA News