China Bank completes takeover of Manila Bank

The integration of Manila Bank branches into China Bank's network was finally concluded on Feb. 23, 2008, bringing the number of China Bank branches in the Philippines to 189.

During the course of the integration about 30,000 accounts were transferred and converted. All of Manila Bank's automated teller machines (ATM) were also reconfigured to run on the system of China Bank. Manila Bank's clients and depositors can now availed of China Bank's full range of products and services, including Internet and phone banking, bills payment and remittance services.

In a related development, Filipino-Chinese business clan, the Go family, reentered the banking sector anew by acquiring Anchor Savings Bank. The Go family's holding companies Equicom Manila Holdings and Pin-An Holdings Corp. bought the 29.45-million shares (equivalent to 77.61% of the outstanding capital stock) of Knights of Colombus Fraternal Association of the Philippines in the thrift bank at Php8.28 per share via a tender offer that was ended last Mar. 17. The bank will be named as Equicom Savings Bank.

The Go family formerly owned the Philippines' third largest lender, Equitable PCI bank, that is now belonged to the Sy family, which also owns and operates SM malls and Banco de Oro nationwide.