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China Bank establishes a new funding program of up to P100 billion

Tuesday, March 09, 2021

China Banking Corporation (China Bank) is planning to raise up to P100 billion over the next three years to support its strategic initiatives and expansion program and to be an active participant in the country’s economic recovery and expansion.

The Bank’s Board of Directors approved on March 3, 2020 the fund-raising exercise through the issuance of peso-denominated retail bonds or commercial papers in one or more series, each at a minimum tenor of three months up to a maximum to 10 years. Timing of the issuance will depend on prevailing market conditions.

On April 3, 2019, the Board approved the Bank’s P75 billion funding program, of which, three tranches in the form of fixed-rate bonds amounting to a total of P65 billion were already issued: P30 billion on July 10, 2019; P15 billion on October 22, 2020, and P20 billion on February 18, 2021.

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