Asia United Bank Corporation (AUB) is among the very few banks that was granted a full-branch commercial bank license in 1997 and is operating until this day. In 2013, AUB joined the league of Philippine Banks that have become publicly listed and acquired universal banking status.
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, 2016 as shown in the table below.
- Rural Bank of Angeles Rural Banking Philippines 99.54%
- Cavite United Rural Bank Rural Banking Philippines 100.00%
- Asia United Leasing and Finance Corp (AULFC) and its 100% subsidiary, Asia United Fleet Leasing and Financing Philippines 39.00%
- RediMoney Express PTE Limited (formerly Pinoy Express PTE Ltd) Remittances Singapore 100.00%
AUB net income rose by 66.51 percent to P3.78 billion in the January-to-September period from P2.27 billion during the same period in 2018. This was attributed to the 38-percent growth in interest income from loans and receivables. Gross interest income grew by 39 percent to P10.4 billion in the nine months to September from P7.5 billion in the same period in 2018. Net interest income accelerated by 24 percent to P6.9 billion during the nine-month period from P5.6 billion a year ago.
AUB shares 45.50 as of August 28(August). AUB has $319 million in sales, $86 million in net income and $461 million in market value. We became part of Forbes Asia under 1B$ list
Was awarded recently by Global Business Outlook 2020 - as Best Cash Management Bank