China Bank was recently named Asia’s Outstanding Company on Corporate Governance by Corporate Governance Asia, the most authoritative quarterly magazine on corporate governance in Asia. This is the first time that China Bank has won the award, which stood out as the only bank among the 23 awardees in this category, five of which, including China Bank, are based in the Philippines.
China Bank Chairman Hans Sy was also recognized by Corporate Governance Asia as one of the ten Asian Corporate Directors of the Year for the Philippines, along with BDO Chairperson Teresita Sy-Coson. Meanwhile, SM Group companies BDO, SM Investments Corp., and SM Prime Holdings Corp. were among the 51 Asian companies recognized as Asia’s Icons on Corporate Governance.
China Bank, BDO, and the rest of the awardees were honored at the 10th Corporate Governance Asia Recognition Awards ceremony held on October 24, 2014 at the Renaissance Harbour View Hotel in Hong Kong.
“We are grateful to Corporate Governance Asia for recognizing our commitment to good corporate governance. We have been adopting the best corporate governance practices to enhance our customer and shareholder value, and this award affirms that we are on the right track,” said China Bank President & CEO Ricardo Chua.
The annual Corporate Governance Asia Recognition Awards recognize public companies in the region that perform consistent excellence in corporate governance. The awardees for Asia’s Outstanding Company and Asia’s Icon are determined based on the company’s track record for corporate governance, corporate governance-related reforms, disclosure, and transparency, among others. The Asian Corporate Director of the Year is an industry leadership award given to men and women who have spent considerable time and effort to promote high standards of business ethics, while meeting the expectations of their shareholders in growing their business.
China Bank was also recently conferred a Bell Award by the Philippine Stock Exchange in recognition of the Bank’s exemplary corporate governance practices. China Bank was likewise the only bank among the five awardees in the listed companies category, which included Aboitiz Power Corporation and Ayala Group companies Cebu Holdings Inc., Manila Water Company Inc., and Ayala Land, Inc. China Bank and Manila Water are the only two awardees to have won three times since the first PSE Bell Awards in 2012.
Founded in 1920, China Bank is the country’s first privately-owned local commercial bank and now the fifth largest private commercial bank with over P456 billion in assets. It serves the banking needs of the corporate, commercial, and retail markets. The China Bank Group has 462 branches to date: 306 for China Bank, 78 for China Bank Savings, and 78 for Plantersbank. This vast branch network is complemented by electronic banking channels—ATM, online, mobile, and phone banking—that provide 24/7 service.