New ChinaBank president named

China Banking Corp. has announced a changing of the guards as president and CEO Ricardo Chua is scheduled to step down on Oct. 31 after serving the bank for 42 years.

The bank, owned by retail and banking magnate Henry Sy, has named executive vice president and COO William Whang as director and president starting Nov. 1.

Chua, 66, has been a director of the ChinaBank since May 2008 and was appointed as president and CEO in September 2014.

“In recognition of his excellent service to the Bank, and to enable the bank to continue to benefit from his insights and counsel, the board approved the appointment and election of Chua as advisor to the board effective Nov. 1,” ChinaBank said in a disclosure to the Philippine Stock Exchange.

Whang, 59, joined the Sy-led bank in 2011 and has more than 30 years of banking experience, formerly holding senior management positions in Metrobank, Republic National Bank of New York, International Exchange Bank, Security Bank, and Sterling Bank of Asia.

Whang holds a Bachelor of Science degree in Commerce, Major in Business Management, from the De La Salle University.

The appointment of Whang as president, CEO and director of ChinaBank is still subject to the confirmation of the Bangko Sentral ng Pilipinas (BSP).

Likewise, the Sy-led bank announced the appointment of ChinaBank executive vice president, treasurer, and head of financial markets segment Romeo Uyan as the bank’s COO starting Nov. 1.

Last month, the BSP gave ChinaBank the green light to raise its capital base to P33 billion from P25 billion as it continues to strengthen its capital structure.

The bank’s capital stock would now consist of 3.3 billion shares with a par value of P10 per share instead of 2.5 billion shares with a par value of P10 per share.