MANILA, Philippines - China Banking Corp. has promoted Ricardo R. Chua as its new president, effecting a smooth transition to the retirement of chief executive Peter S. Dee,by the end of this month.
Chua has been serving as senior executive vice president and chief operating officer of China Bank since 1995. Among his other present positions include chairman of China Bank Savings, director and former chairman of BancNet Inc. and vice chairman of Planters Bank.
A certified public accountant and a holder of a master's degree in business management from the Asian Institute of Management, Chua earned a bachelor’s degree in commerce, major in accounting, from the University of the East.
Aside from ending the year with a net income target of P5.1 billion, the new president faces a standing target of 400 branches by 2015. China Bank reported a 25-percent drop in consolidated net earnings in the first semester of 2014 to P2.2 billion from P2.96 billion in the first semester last year.
The universal bank, a member of the SM Group, already operates roughly 300 branches and plans to establish a total of 65 this year.
China Bank’s acquisition of Planters Development Bank (Planters Bank) and its 78 branches are currently being implemented.
Its thrift arm, China Bank Savings (CBS),has 73 branches and is set to add 29 more this year.