China Bank declares P2.69-B cash dividend

China Banking Corporation has declared cash dividends amounting to P2.69 billion or P1.00 per share.

During the firm’s annual stockholders’ meeting, the China Bank Board of directors said this is equivalent to a cash dividend yield of 4.02 percent based on the Bank’s closing price of P24.90.

The cash dividends will be paid on June 4, 2021 to stockholders on record as of May 21, 2021.

At the same stockholders’ meeting, Genaro V. Lapez was elected as an independent director. The bank said he is a seasoned strategic and tactical thinker with extensive local and international experience in banking and consumer marketing.

Lapez was most recently a Senior Advisor at Union Bank of the Philippines where he also previously served as Executive Vice President and Head of Center for Strategic Partnerships and Head of Consumer Finance.

In the past, he held various senior leadership positions at Royal Numico, Coca-Cola Bottlers Phils., Inc., San Miguel Corporation, Nabisco, and Time Life/Time-Warner, Inc. He earned his Bachelor of Science degree in Management Engineering from the Ateneo de Manila University. 

Lapez replaced Alberto S. Yao.  China Bank Chairman Hans T. Sy expressed his gratitude to Yao who has been on the Board since 2004. 

“His crucial roles as Lead Independent Director and Audit Committee Chairman ensured a strong element of independence in our Board. He has also given wise counsel as Independent Director in our subsidiaries China Bank Savings, China Bank Capital, and China Bank Securities,” Sy said.

He added that, “On behalf of the Board and the Bank, I thank Mr. Yao for all his contributions to the Bank and wish him all the best in his future endeavors.”

The other incumbent members of the Board were re-elected:  Hans T. Sy as chairman, Gilbert U. Dee as vice chairman; William C. Whang, Peter S. Dee, Joaquin T. Dee, Harley T. Sy, Herbert T. Sy, and Jose T. Sio as directors; and Margarita L. San Juan, Philip S.L. Tsai, and Claire Ann T. Yap as independent directors.

Newly-elected Lapez is the Bank’s fourth independent director.  Ricardo R. Chua remains an advisor to the Board.    

Source: Manila Bulletin