China Bank gets regulator’s thumbs up to declare cash dividend

MANILA, July 7 (PNA) — China Banking Corporation (China Bank) has received the approval of the Bangko Sentral ng Pilipinas (BSP) for the declaration of cash dividend.

In a disclosure with the Philippine Stock Exchange (PSE) Monday, the bank said it got the letter from the central bank on July 3, 2014 informing the former of the approval on July 2 of the bank’s declaration of 10 percent cash dividend at Php1 a piece amounting to almost Php1.59 billion.

The bank’s application for an eight percent stock dividend amounting to Php1.27 billion was also approved “subject to compliance with certain conditions.”

China Bank said its Board of Directors “will set the record and payment/issuance dates of said dividends in its meeting immediately following the receipt of the approvals of the Bank’s increase in capital stock from Php20 billion to Php25 billion.”

The bank is also awaiting regulatory approvals for the amendment of Articles of Incorporation and the principle of listing of the eight percent stock dividend. (PNA)