asia united bank
Asia United Bank
Asia United Bank Corporation (AUB) is among the very few commercial banks that was granted a full-branch license in 1997 and is operating until this day.
AUB was registered with the Securities and Exchange Commission (SEC) on October 3, 1997. Its registered office and principal executive offices are located at Joy-Nostalg Center, 17 ADB Avenue, Ortigas Center, Pasig City, Philippines.
AUB was granted the authority to operate as a commercial bank under the Monetary Board (MB) Resolution No. 1149 dated September 3, 1997 and commenced operations on October 31, 1997. In 2012, it obtained approval from the Bangko Sentral ng Pilipinas (BSP) to upgrade its license into expanded commercial banking status. In 2013, the Bank was granted an authority to operate as a universal bank under MB Resolution No. 356 dated February 28, 2013. The universal banking license authorizes, AUB, in addition to its general powers as a commercial bank, to exercise the following: (1) Powers of an investment house, including securities underwriting and trading, loan syndication, financial advisory, private placement of debt and equity securities, project finance and direct equity investment, and (2) Power to invest in allied and non-allied enterprises, subject to regulatory caps on the amount of investment relative to the Bank’s capital and ownership percentage.
AUB began as a joint venture between a consortium of Filipino Industrialists (namely Jacinto L. Ng, Sr., Luis U. Ang and Jose S. Sandejas) and Taiwanese investment banks (namely China United Trust & Investment Corporation and China Development Industrial Bank). As of December 31, 2013, the Bank is now a publicly listed company with three principal/substantial stockholders: Republic Biscuit Corporation, Kuo Yu Philippines Holdings Corporation, and Lambda Holdings Corporation.
To expand its business and distribution network, AUB has acquired three subsidiaries as of December 31, 2013. It has a 39% share in Asia United Leasing and Finance Corporation (AULFC), a 96.05% share in Rural Bank of Angeles (RBA), and a 100% share in Cavite United Rural Bank (CURB). Collectively, the Bank and its subsidiaries are referred to as the ‘Group’. For an overview of AUB’s corporate structure, including its principal shareholders and subsidiaries, as of December 31, 2013, please refer to SGV’s Supplementary Schedule IV