Investment and financial holdings firm Vantage Equities Inc is investing up to $4.8 million in the pre-incorporation of a new funding company, while private universal bank Chinabank has named William Whang as its new president.
Vantage Equities putting $4.8m in new investment firm
Vantage Equities Inc, an investment and financial holdings company in the Philippines, is investing up to $4.8 million (P250 million) in the pre-incorporation of a new subsidiary.
“Philequity MSCI Philippines Index Fund Inc will be incorporated to engage in the business of an open-end investment company,” Vantage Equities said in its statement.
Established in 1992, Vantage Equities is engaged in the business to invest, to hold and to use for investment shares of capital stock, bonds, debentures, promissory notes, or other securities or obligations created, negotiated or issued by any corporation, association or other entities.
The company’s present subsidiaries are organized into three major operating business segments, such as remittance services, internet services, and mutual fund management.
Chinabank’s William Whang becomes president
William C. Whang has formally assumed the president position at Philippine private universal bank China Banking Corp (Chinabank) on Wednesday (November 1), succeeding retired executive Ricardo R. Chua.
Chua will continue to serve as an advisor to the board. A 42-year veteran, he served as Chinabank’s EVP and COO from 1995 to 2014 and president and CEO from September 2014 to October 31, 2017.
Whang was previously Chinabank’s executive VP and COO. He brings with him more than 30 years of banking experience in corporate lending, branch banking, and retail banking. His banking career spanned various senior management positions, including the position of a COO, in several local banks, and a stint with the Republic Bank of New York in Hong Kong.
Whang joined Chinabank in 2011 as head of the institutional banking group focusing on corporate and commercial segments.