China Bank to start offering credit cards in 2013

ABS-CBN News

Posted at Aug 29 2012 12:13 PM | Updated as of Aug 30 2012 01:04 AM

MANILA, Philippines - China Banking Corp. will start issuing credit cards next year, as it tries to build its consumer business.

The bank, which celebrated its 65th listing anniversary today, is also building up its investment banking business by helping companies sell shares and bonds and do mergers and acquisitions.

"Going forward, we will finally be able to launch our credit card busienss by 2013. We are the last major bank not to have a credit card business. We will strengthen our consumer portfolio," Alexander Escucha, China Bank FVP-head of investor relations and corporate planning, told ANC.

Escucha said the bank is also starting to make inroads in investment banking.

"We were a co-lead underwriter in the SMIC bonds and the recent San Miguel preferred share offering. We expect to be a lot more active in that part of business second half of year," he said.

China Bank earlier reported a lower profit in the first half as interest rates declined, reducing earnings from treasury bills and bonds. It also incurred expansion costs.

China Bank, led by the family of Henry Sy Sr., is boosting its branches from 300 to 400 in 2 years. - ANC