On August 16, 1920, Chinabank opened in Binondo, Dee C. Chuan’s vision of a bank that would enable Chinese merchants to participate in the growing economy. Combining eastern values, like operating on the principle of xinyong or trustworthiness, with western expertise—its managers in the first decade were American bankers J.W. McFerran and Eugene E. Wing—Chinabank grew faster than expected. The Bank moved to its own building in 1924, it was among the first companies to be listed on the Manila Stock Exchange in 1927, and it opened branches in Xiamen in 1925 and in Shanghai in 1929. The Great Depression (1928-1932) affirmed Chinabank’s strong fundamentals. It did not just cut credit lines and called in loans, but gave its borrowers every reasonable chance to make good on their obligations. In the end, Chinabank and its customers weathered the storm together.

Dee C. Chuan guided Chinabank as Chairman of the Board and President for almost 20 years. When he passed on in 1940, he was succeeded by Dr. Albino Z. SyCip who had been in the Bank since 1924. At the end of 1940, Chinabank was one of the largest local banks in the country and the lender of choice for Chinese businessmen.

In 1941, Chinabank had been steadily moving funds out of the Philippines. When the Japanese army invaded Manila and closed Chinabank in January 1942, the Bank had over P14 million, nearly half its assets, safely offshore. This foresight enabled Chinabank to reopen in July 1945, and from that time to 1950, while working towards its own recovery, the Bank extended over P180 million in credit. The Bank cooperated with every worthy productive enterprise to help hasten the country’s economic development and helped young entrepreneurs lay down the foundations of their future fortunes. In 1949, Chinabank gave 25-year old Henry Sy his first credit line.

Chinabank commemorated its 30th anniversary by creating a Trust Fund to aid deserving men and women to secure vocational training, and those already technically trained to improve the productive projects they are engaged in. Chinabank was also reorganized— Albino SyCip was elected Chairman of the Board and General Manager, George Dee Se Kiat was named President, and Dee K. “DK” Chiong, Vice President. Under this team, Chinabank became the biggest local private commercial bank in 1955, a position it maintained for over two decades.

Chinabank’s sustained strong growth enabled it to make significant shareholder returns. In 1965, it paid 100% stock dividend and increased its authorized capital stock from P10 million to P40 million. The Bank also started to build its technology infrastructure, acquiring IBM’s S/360 model 30. In 1969, Chinabank became the first bank in Southeast Asia to process accounts online.

The 70s was a decade of many firsts for Chinabank. It hit the one billion mark in 1973 with P1.22 billion in total resources. It formed the country’s first investment house in 1973, Philippine Pacific Capital Corporation. It was among the first banks authorized by the Central Bank to engage in foreign currency-denominated transactions—its Foreign Currency Deposit Unit (FCDU) commenced operations in 1977. But the real turning point for Chinabank was in 1975 when it became 73% Filipino-owned and was then allowed to open more branches. In 1977, it had 15 branches from only four in the last 55 years. By 1983, it had 28.

Cognizant of the importance of stimulating SME growth, Chinabank was among the first group of banks that applied for authority to invest in a venture capital corporation. Chinabank launched CBC Venture Capital Corp. and also pioneered in “Inter-Bank Syndicate Financing” to meet the financial requirements of large-scale projects which no single bank could finance. When the economic turmoil of the 80s hit many businesses, including Chinabank, it continued to support clients. Like in the past crises, Chinabank recovered while helping its troubled customers to bounce back as well. Stronger than ever before, Chinabank entered a new era of ATM banking, forming BancNet in 1990 with seven other banks, and launching its ATM card TellerCard, and TellerPhone, the first first phone banking service in the country.

The year 1991 ushered in a new era of expanded operations for Chinabank when it secured its universal banking license. The unibank status gave the Bank flexibility to expand its services and grow its presence to achieve scale. A testament to investor confidence in Chinabank, it successfully accessed the international capital market through a maiden issuance of US$50M floating rate certificates of deposit (FRCD) in 1996, followed by another US$75M FRCD issue in 1997. Then the Asian Crisis happened (1997-1998). Once again, the Bank chose to be considerate and flexible with loan payments to help its clients recover, and in turn fostered enduring relationships.

The new millennium opened opportunities for Chinabank to grow tremendously through organic growth and acquisitions. Chinabank hit the P100 billion mark in assets in 2002. In 2006, it successfully tapped the international equities market for its US$53 million secondary placement offering. In 2007, it acquired Manila Bank which accelerated Chinabank’s branch network expansion program and strengthened its presence in the consumer and retail market, relaunching Manila Bank in 2008 as China Bank Savings. The Bank entered into a bancassurance joint venture with Manulife and formed Manulife China Bank Life Assurance Corporation in 2007. On its 90th year, Chinabank had 269 branches.

The decade was shaped by Chinabank’s commitment to good governance, sustainability, and progress. In 2012, Chinabank was the only bank among the five companies awarded for outstanding governance practices at the Philippine Stock Exchange’s Bell Awards. In 2017, the PSE awarded the Bank a special recognition for being among the top 5 in corporate governance for six straight years. Chinabank has since been hailed numerous times here and abroad for its governance excellence. To expand its branch network and presence in the middle/SME markets, Chinabank acquired Planters Development Bank and merged it with China Bank Savings. It also entered into new businesses to complete its product offerings, launching Chinabank Mastercard and Chinabank Capital in 2015, and Chinabank Securities in 2017. To fund climate-smart projects, the Bank raised US$150 million from its maiden green bond issue in 2018, followed by another successful fund raising in 2019—P30 billion fixed rate bond offer—for future expansion. Recognizing digital as the future, Chinabank began its digital transformation, switching to a new core banking system in 2015 and launching various automation initiatives since then to boost operating capacity and improve customer experience. It launched Chinabank Mobile App in 2018—awarded as the Best Mobile Banking & Payment Initiative by the Asian Banker and Finance in 2020—and looks to the future with an eye for continuous innovation. As it marks its 100th year, Chinabank is accelerating its digital progress into the era of COVID-19 new normal and the increasingly competitive future of neobanks, fintechs and non-financial tech firms, while staying true to the values handed down by its founders.