February 14, 2008   CHINA BANKING: Acquires 90.79% of TMBC; Ends Tender Offer China Banking Corp's tender offer for The Manila Banking Corporation shares ended on Jan. 15, 2008, with it effecting payment to the tendering shareholders representing 295,697 common and three preferred (converted to 2.46 common) shares. Currently, China Banking owns 7,983,962.46 common shares of TMBC, equivalent to 90.79% of the outstanding common shares, the bank noted in a filing with the Philippine Stock Exchange. The bank further informed the PSE that its board of directors has approved the acquisition of the remaining TMBC shares by negotiated transaction with each shareholder concerned within a period of six months. As previously reported by the Troubled Company Reporter-Asia Pacific, the China Banking's management has made it clear that it has no plans to consolidate the bank with TMBC, which it acquired recently.  "They have two different cultures," Chinabank's Vice Chairman Hans Sy was quoted as saying.  The Bangko Sentral ng Pilipinas approved the merger of the two banks in November last year. China Banking Corporation -- http://www.chinabank.com.ph/-- is the first privately-owned local commercial bank in the Philippines, with products and services including deposits and related services, international banking services, insurance products, loans and credit facilities, trust and investment services, insurance products, and other services such as acceptance of various bill payments and donations to charitable institutions. China Bank has 140 branches and 166 Automated Teller Machines nationwide. The bank's long-term issuer default carries Fitch's BB rating.
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