Asia United Bank Corporation Announces Executive Changes
January 15, 2018 at 02:25 am
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Asia United Bank Corporation announced that Mr. Jacinto L. Ng, Sr., has announced his intention to retire as Chairman after December 31, 2017. Mr. Ng, however, has agreed to continue on as Chairman Emeritus after his retirement. On January 1, 2018, Upon the effectivity of Mr. Ng's retirement, the current President of the Bank, Mr. Abraham T. Co, will be assuming the Chairmanship, subject to compliance with the nomination and election process for the Bank's executive officers under the Bank's Manual on Corporate Governance as well as other regulatory processes. On the other hand, Mr. Manuel Gomez will become member of the Board of Directors and President of the Bank as Mr. Co's replacement; likewise be subject to compliance with the nomination and election process for the Bank's directors and officers under the Bank's Manual on Corporate Governance and other regulatory processes. Further, the nomination and appointment of Mr. Abraham T. Co as officer as well as Mr. Manuel Gomez as director and officer are subject to the approval of the Board of Directors of AUB in a meeting that shall be held on a later date. Finaly, Mr. Jacob C. Ng, currently a member of the Board and concurrent Chief Transformation Officer and Head of Consumer Lending will become the Bank's Chief Transformation Officer and Head of Branch Banking, also effective January 1, 2018. All of the foregoing changes in the directors and officers of the Bank will take effect on January 1, 2018.
Asia United Bank Corporation is a Philippines-based universal bank. The Company's segments include Commercial Banking, Consumer Banking, Treasury, Branch Banking, and Others. The Commercial Banking segment provides lending, trade and cash management services to corporate and institutional customers, which include corporate, middle market clients and entrepreneurs. The Consumer banking offers services to retail customers. Its consumer lending products include real estate loans, salary loans, auto loans and pension loans. The Branch Banking segment offers retail deposit products, including current accounts (interest bearing and non-interest-bearing demand deposits), savings accounts and time deposits in pesos and United States dollars. The Branch Banking segment also provides lending to corporate and institutional customers through its own lending centers situated in selected branches. The Company's motor vehicle loan products include auto loan, big bike loan and truck loan.