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China Bank 2020 Annual Financial and Sustainability Report

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China Bank 2020 Annual Financial and Sustainability Report 2020 ANNUAL FINANCIAL AND SUSTAINABILITY REPORT ABOUT THE REPORT 102-50, 102-51 102-52, 102-54 This Annual Financial and Sustainability Report provides our stakeholders with a balanced view of our ability to use our financial resources and expertise to be a sustainable business that creates sustainable value. Covering the period January 1 to December 31, 2020, this report contains material information relating to our financial and non-financial performance, operating context, prospects, risks, and governance to address the information requirements of our current and prospective investors. We also present information relevant to the way we create value for other key stakeholders, including our employees, customers, regulators, and society. This follows our latest report released in 2020 covering the period January 1 to December 31, 2019. This report has been prepared in accordance with the GRI Standards: Core option. This has also been aligned with the disclosure requirements of the Bangko Sentral ng Pilipinas and the ASEAN Corporate Governance Scorecard. For the Materiality Disclosures Service, GRI Services reviewed that the GRI content index (pages 276-279) is clearly presented and the references for Disclosures 102-40 to 102-49 align with appropriate sections in the body of the report. ABOUT THE COVER Completed in 1924, China Bank’s original headquarters in Binondo, Manila represents more than just architectural history; it symbolizes the Bank’s culture and heritage, how we have endured the test of time, and how we continue to be strong and resilient for future generations. The restoration of the seven-story Neo-classic Beaux Arts building is the centerpiece of China Bank’s centennial celebration in 2020, and more importantly, our contribution to the revival of Binondo, the world’s oldest Chinatown. Soon to be recognized by the National Historical Commission of the Philippines with a national historical marker and by the National Museum as an important cultural property, the fully restored China Bank Binondo Business Center stands proud as a shining example of architectural renewal in Manila. CONTENTS 2 About China Bank 40 China Bank as Employer Company Profile, Vision, Mission Engaging our People and Core Values 46 China Bank as Steward 4 Journey to 100 Years Championing Good Governance 6 Financial Highlights 70 China Bank as Partner Partnering with and for our Communities 8 Message to Our Stakeholders 74 Our Leaders From Chairman Hans T. Sy, Board of Directors, Management Committee, and Vice Chairman Gilbert U. Dee, and Senior Officers President William C. Whang 12 Together Against Covid-19 84 Awards and Distinctions 85 Financial Statements 16 The Year in Review Capital Structure/Adequacy, Audit Committee Report, Statement of Management Responsibility for 18 Moving Forward Financial Statements, Auditors’ Report, Management Discussion, Notes to Financial Statements Sustainability Framework 20 248 Branch Directory China Bank Branches 21 Sustainable Finance China Bank Business Offices China Bank Savings Branches China Bank Savings Business Offices 22 SDG Contributions 264 Subsidiaries and Affiliate 24 Stakeholder Engagement 267 Products and Services 25 Materiality Process 276 GRI Index 26 China Bank as Enabler Standing by our Customers 280 Investor Information 36 China Bank as Advocate Caring for our Customers ANNUAL FINANCIAL AND SUSTAINABILITY REPORT 2020 1 WHO WE ARE 102-1, 102-2, 102-3, 102-7, 102-8 634 BRANCHES 1,022 ATMs China Banking Corporation (China Bank) is one of the leading private universal banks in HEADQUARTERS: the Philippines. We offer a full range of quality China Bank Building, Paseo de Roxas financial products and services to individuals corner Villar St., Makati City 1226 Philippines and businesses across our vast network of branches nationwide and robust electronic banking channels. Through our subsidiaries 9,825 employees China Bank Savings, China Bank Capital, committed to build China Bank Securities, China Bank Insurance enduring relationships of trust with Brokers, and affiliate Manulife China Bank Life Assurance, we also serve the retail banking, 2.2 million investment banking, and insurance needs of customers our diverse customers. The China Bank stock (PSE: CHIB) is listed on Strongly positioned for value creation the Philippine Stock Exchange (PSE). P12.1 billion net income We are a member of the SM Group, one of the largest conglomerates in the Philippines. 12.1% return on equity P1.036 trillion assets P105 billion capital 2 CHINA BANKING CORPORATION Our vision, mission, and the values passed on by China Bank’s founders underpin our continuing story of sustainable growth, governance excellence, and enduring partnerships. Over the span of a century, China Bank has been operating ethically and responsibly to drive economic growth, to uplift lives and livelihoods, and to help communities progress towards a sustainable future. VISION 102-16 Drawing strength from our rich history, we will be the best, most admired, and innovative financial services institution, partnering with our customers, employees, and shareholders in wealth and value creation. MISSION We will be a leading provider of quality services consistently delivered to institutions, entrepreneurs, and individuals here and abroad, to meet their financial needs and exceed their rising expectations. We will be a primary catalyst in the creation of wealth for our customers, driven by a desire to help them succeed, through a highly engaged team of competent and empowered professionals, guided by in-depth knowledge of their needs and supported by leading-edge technology. We will maintain the highest ethical standards, sense of responsibility, and fairness with respect to our customers, employees, shareholders, and the communities we serve. CORE VALUES Integrity • High Performance Standards • Commitment to Quality • Concern for People • Efficiency • Resourcefulness/Initiative • Customer Service Focus ANNUAL FINANCIAL AND SUSTAINABILITY REPORT 2020 3 JOURNEY TO 100 YEARS 1925 1945 1920 Opens branch in Xiamen, China China Bank reopens and while working towards its own recovery, lends to key 1945 1927 industries for post-war reconstruction and Becomes one of the first companies to be long-term development listed on the Manila Stock Exchange 1920 Dee C. Chuan leads a group of top Chinese Filipino businessmen to establish China Bank. The Bank opens for business on August 16, 1920 at No. 90 Rosario St., Binondo, Manila 1924 1929 Transfers its growing operation to its own Opens branch in Shanghai, China building on Juan Luna corner Dasmariñas Sts., Binondo, its head office for the next 1931 seven decades The Great Depression adversely affects the Philippine banking sector; hit by runs, a rival bank goes under, but China Bank weathers the crisis unshaken 1942 The Japanese military shuts down China Bank, liquidates its assets, and jails its principal officers Albino SyCi and George Dee Se Kiat 1948 1955 1970 1946 Opens China Bank Cebu, its first local Breaches the P100-million mark in assets, Still the biggest local private commercial branch becoming the biggest local private bank, with P566 million in resources 1970 commercial bank 1960 Opens its first branch in Manila, Sto. Cristo Branch 1965 1949 Declares 100% stock dividend and Closes Xiamen and Shanghai branches increases its authorized capital stock from when the Communists took over China P10 million to P40 million 1954 1969 Albino SyCip initiates Becomes the first the Liberty Wells bank in Southeast project to provide Asia to process potable water for deposits on-line, millions of Filipinos using the IBM 360 4 CHINA BANKING CORPORATION 1973 1988 1991 1971 Hits the P1-billion mark in assets; meets Launches Teller Acquires its universal banking license the Central Bank’s requirement of a P100 Phone, the first 1995 million minimum paid-up capital for telephone banking 1995 commercial banks service in the Embarks on a five-year P150 million Philippines program to upgrade its technology 1975 infrastructure, acquiring leading-edge Increases its Filipino ownership up to the 1990 Dimension software from Kirchman Corp. 70% level required by the Central Bank, Joins seven other banks to create and the latest IBM ES 9000 hardware paving the way for China Bank’s major BancNet, the country’s largest ATM branch expansion program network; transfers its corporate headquarters to its present location 1977 along Paseo de Roxas in Makati City Hikes capitalization to P300 million from P100 million; becomes one of the first banks authorized by the Central Bank to engage in foreign currency-denominated transactions 1982 Establishes CBC Properties and Computer Center, Inc. to provide computer-related services solely to China Bank and to manage its electronic banking and e-commerce requirements 1996 2012 2017 1996 Accesses the offshore capital markets Acquires Pampanga-based Unity Bank Gets investment grade credit rating for the first time by issuing US$50 million of “Baa2” from Moody’s; raises P15 billion Floating Rate Certificate of Deposit 2014 from stock rights offer 2020 (FRCD) Acquires Plantersbank and merges it with China Bank Savings; 2018 1997 raises P8 billion Signs US$150 million green bond Issues U$75 million FRCD; becomes the from its stock agreement with International Finance best capitalized bank during the Asian rights offering Corporation (IFC) Financial Crisis after a 2 for every 3 shares stock rights offering 2019 2015 Raises P30 billion via maiden issue of 1998 fixed-rate retail bonds, one of the largest Establishes
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