11:13 pm | Friday, November 1st, 2013
Chinatrust (Philippines) Commercial Bank Corp. will assume a new corporate name in line with a global brand alignment spearheaded by its Taiwanese parent bank.
Chinatrust will soon become CTBC Bank (Philippines) Corp., or simply CTBC Bank.
The rebranding is spearheaded by the bank’s parent holding company CTBC Financial Holding Co. Ltd. (formerly Chinatrust Financial Holding Co. Ltd.). The parent hopes to unify its diversified interests in banking, securities, life insurance, insurance brokerage, investment, trust, venture capital, asset management and leasing, among others, under a more distinctive brand—CTBC.
“This move also aims to support the holding company’s overseas business development and strengthen its strategic objective of becoming an easily recognized, unified global brand,” CTBC Philippines president Mark Chen said.
Chen clarified that the bank’s corporate colors and brand promise—“We Are Family”—remains the same.
Also, there will be no change in the bank’s ownership, business strategy, operations, agreements and transactions, as well as its products and services offerings.
“As we transition to this exciting phase of our growth, our focus remains with our customers. This change will enable us to continue to provide them with personalized, local service and innovation that is reinforced by our foreign bank strength and resources,” Chen said.
CTBC Bank first opened its doors in the Philippines in 1995, providing financial services to both local and foreign companies in the country, aside from serving the needs of middle-income consumers.
In 2002, it entered the consumer finance business by acquiring a portfolio from a regional bank that was divesting its consumer business in the country.
Since then, CTBC Bank’s consumer finance portfolio has become one of the fastest growing in the country.
In the next few years, CTBC Bank aims to build “industry-leading franchises in consumer finance, debt capital markets and niche-based corporate banking.”
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