CHINA Banking Corp. (Chinabank) on Wednesday started trading under a new stock symbol, a move it said last week was part of a "corporate brand refresh exercise."
A bell ringing ceremony to mark the shift to "CBC" from "CHIB" was held at the Philippine Stock Exchange with key PSE and Chinabank officials, including the bank's chairman, Hans Sy and PSE Chairman Jose Pardo, in attendance.
"Chinabank has always regarded its long and rich history with reverence and pride," Pardo said as he noted that the bank was recognizing that it was operating in a changed economic and financial landscape.
Chinabank President and Chief Executive Officer Romeo Uyan Jr. said that "as we ring the trading bell to celebrate the change in our stock symbol, we are not just making a superficial modification."
"We are embracing a new era, one that aligns our ticker with our evolving brand identity. This change represents our commitment to adapt to the changing dynamics of the financial industry and to better communicate our brand strength to investors and customers."
CBC joined the stock exchange in 1927 as one of the first companies to be listed on the former Manila Stock Exchange, now the PSE after a merger with the Makati Stock Exchange.
In 2023, CBC became a member of the PSE MidCap Index and has been a constituent in the PSE Dividend Yield Index since February 2024.
CBC shares closed 40 cents lower on Thursday at P39.50 a piece.
In a related development, Chinabank's retail lending arm China Bank Savings said that it was optimistic about its prospects for 2024 following a strong first-quarter performance.
"CBS has hit record profits year on year," bank president James Christian Dee told shareholders on Thursday.
"Our first quarter numbers continue to show a strong and solid performance with a double-digit net income growth of 10 percent or P462 million. We believe CBS is well-positioned for significant growth for this year and beyond."
Dee told reporters that he was hopeful that key interest rates would be lowered later this year, which he claimed would be positive for the bank.
"For CBS, it will actually be good for us if the rates go down. We're more than ready to fund our loan growth with our valued depositors. And we should be on track until the end of the year," he added.