China Banking Corp., a member of the SM Group, was recognized again among the top 20 ASEAN publicly-listed companies and one of the top three publicly-listed firms in the Philippines.
China Bank chairman Hans Sy said in a statement the focus on governance underpinned the bank’s strength and resilience. Aside from China Bank, other SM Group companies also recognized as an ASEAN Asset Class were 2GO, BDO, Belle Corp., SM Investments Corp. and SM Prime Holdings Inc.
China Bank clinched the same three awards for the 2019 ACGS assessments. The bank moved up the regional ranking since the 2017 ACGS assessments when it was among the Top 50 ASEAN publicly-listed companies. China Bank has since then been the only bank among the Top 3 publicly-listed companies in the Philippines.
“We are grateful for again winning these distinctions. We take pride in our high governance standards and aim to constantly improve by adopting the best practices for the benefit of our stakeholders,” China Bank president William Whang said.
Developed by the ASEAN Capital Markets Forum and the Asian Development Bank, the ACGS is an assessment conducted every two years based on publicly available information and benchmarked against international best practices on corporate governance.
It is intended to ensure that the corporate governance climate in the ASEAN region remains competitive and conducive to the growth of businesses in the ASEAN jurisdictions.
ChinaBank has 638 branches and 1,036 ATMs, including the 160 branches and 168 ATMs of China Bank Savings.