Chinabank

China Banking Corporation, commonly known as Chinabank, is a Filipino bank that was created in 1920 specifically to cater to Chinese Filipino businesspeople. It’s the fifth-largest universal bank in the Philippines. As of 2024, it had ₱1,740,976 million in assets, as published by the central bank. 

Products of Chinabank

This is Chinabank’s suite of products: 

• Savings: Chinabank is focused on helping clients save money. They do offer a checking account, but most other accounts are either savings or term deposit accounts, both in pesos and US dollars. 

• Cards: It offers 9 credit card options for clients. One of them is Visa, and the rest of the options are MasterCard. Various options are for traveling, and most offer deals and rewards when used. 

• Loans: Chinabank has car and home loans. It also offers a partnership with companies to offer salary loans to employees at no extra cost to the employer.

• Investments: Clients can invest in trust funds, stock exchanges, and securities. Chinabank also offers services like escrow, investment management, and estate planning.  

• Insurance: The wide range of plans includes health, car, home, travel, and accident insurance. It also has life plans with investments and business insurance for clients and employees.

Clients can open a new savings account online via the website, and the banking services are also available through an app and via phone. Chinabank also offers remittance services for Filipinos overseas.

History of Chinabank

Chinabank was established in 1920 in Manila by a group of Chinese Filipino businesspeople to offer banking services to other businesspeople like themselves. In 1925 the first overseas branch opened in Xiamen, and in 1929, another one opened in Shanghai, but both were shut down in 1949 after the communists took over China. 

In 1927 Chinabank was one of the first companies listed on the Manila Stock Exchange, the first stock exchange of the Philippines. The Great Depression of 1931 affected the Philippine banking sectors, but Chinabank resisted the crisis and continued operating.

In 1942 the Japanese military forced Chinabank to shut down and liquidated all their assets. Two of their principal officers were also jailed at this time. The bank remained closed until 1945 when it started operations again to aid post-war reconstruction and development.

In 1955 Chinabank became the largest local private commercial bank in the Philippines, after reaching ₱100.000.000 in assets. In 1969 it became the first bank in Southeast Asia to process online deposits. Also, in 1988 it started offering the first phone banking service in the Philippines with Teller Phone. 

In 1990 it was part of the founding group of banks that created BancNet, the country’s largest intrabank network, and in 1991 it became a universal bank. In 1998 it started offering insurance services through the newly created Chinabank Insurance Brokers.

In 2005 it started offering internet banking services through Chinabank Online, and from 2007 onwards it began a short series of mergers and acquisitions first with Manila Bank, then with Unity Bank in 2012, and Plantersbank in 2014. 

In 2015 it started offering credit cards with MasterCard, and in 2016, began offering stock brokerage. 

2020 marked 100 years of operations for Chinabank, and in 2023, it won the Employer of the Year Award.