Asia United Bank (AUB) in the Philippines

Asia United Bank (AUB) in the Philippines

Asia United Bank (AUB) in the PhilippinesThe headquarters of Asia United Bank is located in Pasig in the metropolitan region of the Philippines. AUB is considered one of the first commercial banks in the Philippines.

This bank serves several segments: commercial, consumer, treasury and depositary. The commercial segment is aimed at providing loans and cash management. The consumer segment includes the provision of loans before salary, car loans, mortgages, etc. The treasury segment is responsible for maintaining the company’s balance by investing in various financial instruments. The work of the deposit segment is aimed at providing savings financial products in Philippine pesos or US dollars. AUB provides interest and non-interest deposits post restante.

History

Asia United Bank Corporation began its activities in October 1997. On October 3 of that year, the AUB was registered by the Securities and Exchange Commission. A month before that, AUB received a license from a commercial bank. The official date of commencement of this organization is October 31, 1997.

In 2012, the Central Bank of the Philippines approved Asia United Bank’s application for renewal of the license and obtaining expanded commercial banking status. On February 28, 2013, the Central Bank of the Philippines gave AUB the authority to act as a universal bank. Now this bank has got powers of the investment company that can carry out underwriting, trading securities, syndicating loans, providing financial advice, private placement of equity and debt securities, financing various projects and investing in equity capital. 

The history of Asia United Bank began as a joint venture of Philippine industrialists (Yakinto L. Nga, Luis Y. Eng and José Sandehas) and Taiwanese investment banks (China Development Industrial Bank and China United Trust & Investment Corp). Subsequently, this organization became a public company, the main shareholders of which are:

  • Republic Biscuit Corporation;
  • Kuo Yu Philippines Holdings Corporation;
  • Lambda Holdings Corporation.

In 2016, Asia United Bank acquired 3 subsidiaries: Rural Bank of Angeles, Cavite United Rural Bank and RediMoney Express PTE Limited.

By the end of 2018, the management of this bank managed to create a branch network, which has more than 250 representative offices in all major cities of the Philippines. Today, the organization’s net profit is more than two billion pesos. 

Asia United Bank (AUB) in the Philippines

Property rights

As of the beginning of 2019, the Republic Biscuit Corporation owns the largest stake. It owns more than 32% of the shares in the amount of 1.5 billion Philippine pesos. More than 18% of the shares of this bank is owned by Kuo Yu Philippines Holdings Corporation. This organization is one of the largest investment companies in the Philippines.

15% of the shares in the amount of 720 million Philippine pesos are owned by another investment company Lambda Holdings Corporation. Relatively recently, a substantial stake in Asia United Bank was acquired by the company PCD Nominee Corporation-Filipino. At the moment, this corporation owns more than 10% of the shares in the amount of 500 million pesos. A insignificant share in the ownership of AUB Bank also belongs to Citio Maunlad Investment Corporation (4,45%). 

It is worth adding that more than 19% of the shares in the amount of almost a billion pesos belong to small shareholders. Thus, it can be stated that no corporation owns a controlling stake in AUB.

Main branches and ATMs

Branches of Asia United Bank are located in 4 regions of the Philippines – Metro Manila (the capital), Visayas Islands, as well as on the islands of Luzon and Mindanao. The largest number of branches are in the metropolitan region. The residents of such cities as Antipolo, Las Pinas, Makati, Malabon, Manila, Marikina, etc. can use the services of AUB. It should be added that this bank is represented by branches and ATMs in more than 50 cities of the Philippines. 

Asia United Bank (AUB) in the Philippines

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