China Banking Corporation (CHIB) was incorporated on July 20, 1920 and commenced business on August 16 of the same year as the first privately owned local commercial bank in the Philippines. It resumed operations after World War II on July 23, 1945, and played a key role in the post-war reconstruction and economic recovery by providing financial support to businesses and entrepreneurs. CHIB was listed on the local stock exchange in 1947 and acquired its universal banking license in 1991. CHIB's main business include corporate and SME lending, retail loans including mortgage and auto loans, treasury and foreign exchange trading, trust and investment management, insurance products through Chinabank Insurance Brokers, Inc. (CIB) and Manulife China Bank Life Assurance Corp. (MCB Life), internet banking and mobile banking services and inward remittances through tie-ups with remittance companies and exchange houses in the Middle East, Asia and major US cities. The company's subsidiaries and affiliate consist of CBC Properties and Computer Center Inc., CBC Forex Corporation, CIB, China Bank Savings, Inc. (formerly, The Manila Banking Corporation), and MCB Life. CHIB makes its products and services available through its 215-branch network, of which 214 are CHIB branches and one China Bank Savings branch. The company's ATM service complements the branch network in delivering services to its customers. At present, there are 320 in-branch and off-site ATMs nationwide. Source: Company (2008); SEC Form 17-A (2008)