China Banking Corp. (China Bank) is actively seeking to boost its consumer financing initiatives, with a strong emphasis on catering to business owners and the corporate sector. Aloysius C. Alday, Jr., Executive Vice-President and Consumer Banking Segment Head at China Bank, emphasized the bank’s intention to significantly expand its consumer lending portfolio, acknowledging that it currently represents a smaller portion of the bank’s lending portfolio compared to corporate lending.
China Bank is particularly targeting its depositors, the employed sector, and business proprietors in its efforts to bolster consumer financing. To achieve this goal, the bank is concentrating on the growth of its housing and auto loan portfolios, as well as its credit card offerings. Mr. Alday underscored that they will continue to leverage their housing loans, auto loans, and credit cards as key drivers of growth in the consumer lending segment. Additionally, the bank’s branches will actively work on increasing deposits.
Recently, the bank launched three travel-rewards credit cards in collaboration with Mastercard, strategically timed to coincide with the upcoming holiday season when increased consumer spending is anticipated. Furthermore, the board of directors at China Bank approved an additional capital infusion of P2 billion into its thrift banking subsidiary, China Bank Savings, Inc. (CBSI). This capital injection is intended to support CBSI’s sustained loan expansion and enhance its capacity to serve a wider range of segments, including the unbanked population.
As of August, China Bank operates a network of 643 branches and 1,062 automated teller machines (ATMs), which includes those of its thrift banking arm.
