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China Banking to raise capital stock of unit to 2B pesos

China Banking Corp.'s board approved a plan to increase the authorized capital stock of its subsidiary China Bank Capital Corp., as well as inject capital into the unit.

The bank plans to increase China Bank Capital's capital stock to 2 billion Philippine pesos from 500 million pesos, which will enable the unit to handle bigger deals, according to a Feb. 2 filing.

The lender will also inject an additional 500 million pesos of capital into China Bank Capital in the first quarter, which will bring the unit's equity to 1.23 billion pesos.

As of Feb. 2, US$1 was equivalent to 49.68 Philippine pesos.