CHINA BANK Securities Corp., the stock brokerage arm of China Bank Capital Corp. (CBCC), is looking at a 75% growth in its revenues this year on the back of robust market conditions.
China Bank Securities President and Chief Executive Officer Marisol M. Teodoro said the stock brokerage firm is optimistic about its growth for 2018.
“The supportive economic conditions, positive investor confidence, upbeat trend in both the equity and capital markets, in addition to the healthy pipeline of initial public offerings or IPOs (initial public offerings) bode well for our growth projections,” Ms. Teodoro was quoted as saying in a statement sent to reporters on Friday.
She added that China Bank Securities is planning to further build its business.
“We are laying the foundation for stronger operations, like stepping up our marketing efforts, beefing up our team of seasoned traders and analysts, and scaling up our [information technology] infrastructure to boost trading volumes,” Ms. Teodoro added.
The stock brokerage firm, formerly known as ATC Securities, was acquired by CBCC in March last year.
The change in name to China Bank Securities was approved by the Securities and Exchange Commission in July as it hiked its capital to P150 million from P38 million.
In 2017, China Bank Securities facilitated the marketing and distribution of the P8.6-billion maiden public issue of Eagle Cement Corp. in May, as well as the P5 billion preferred shares issue of 8990 Holdings, Inc. in November, both of which were solely underwritten by CBCC.
China Bank Securities is a subsidiary of listed China Banking Corp. (China Bank).
In the third quarter of 2017, China Bank booked a net income of P2.09 billion, up 32% from the P1.58 billion recorded in the same period a year ago. This was mainly driven by the expansion of its core and fee-based businesses.
China Bank shares closed at P36.75 apiece yesterday, losing five centavos or 0.14% from the previous day’s finish. — Karl Angelo N. Vidal