China Bank to Acquire more than 2/3 of Planters Development Bank

Manila—(PHStocks)—The Board of Directors of China Banking Corp. (CHIB) approved the acquisition of more than 2/3 of the outstanding subscribed capital stock of Planters Development Bank, by way of a Memorandum of Agreement, subject to the approval of at least 2/3 of the outstanding capital stock of the bank, the approvals of the regulatory offices, and/or the execution of the relevant documents later.

Likewise, the Board authorized any one of the following: Hans T. Sy, Chairman of the Board, Gilbert U. Dee, Vice Chairman of the Board, Peter S. Dee, President & Chief Executive Officer, and Ricardo R. Chua, Senior Executive Vice President & Chief Operating Officer, to sign, execute and deliver on behalf of the Bank any and all documents necessary to consummate the acquisition plan, including the documents required by the regulatory offices concerned.

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