ASIA United Bank Corp. (AUB) said President Abraham T. Co will assume the chairmanship of the bank effective next year.

At the bank’s anniversary dinner held in Pasay City on Thursday, AUB’s founder and chairman Jacinto L. Ng, Sr. announced he will be replaced by Mr. Co on Jan. 1. Mr. Ng will take up the position of Chairman Emeritus.

Executive Vice President and Branch Banking Head Manuel A. Gomez will become president, while Chief Transformation Officer Jacob C. Ng will be the noncurrent Branch Banking Head.

In an interview on the sidelines of the event, Mr. Gomez said the bank is considering a capital increase, as well as venturing into other businesses such as bancassurance and wealth management.

“As of now, we’re looking at our capital adequacy ratio, and we’re well within the capital adequacy requirement of the central bank. But of course, [capital expansion] is always in the plan,” Mr. Gomez said.

“While we can dream of so many things, we will have to temper (ambitions) also based on our capability.”

Mr. Gomez added that the bank wants to enhance its technology as a possible alternative to establishing additional branches, which would be costly.

Regina Capital Development Corp. Managing Director Luis A. Limlingan said the new office holders “are [experienced] bankers and have been with AUB already.”

As of June, AUB is the 14th biggest universal and commercial bank in terms of total assets, with resources totaling P186 billion. – Karl Angelo N. Vidal

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