ASIA UNITED Bank Corp. (AUB) on Wednesday said it selected Jonathan C. Ng as the lender’s new board chairman.

Mr. Ng was elected during the bank’s organizational board of directors’ meeting on July 4, replacing Abraham T. Co, who was elected vice chairman at the same meeting, the lender said in a statement.

Retired Justice Adolfo S. Azcuna also tendered his resignation as director at the meeting but will continue to serve as senior adviser to the board, AUB said.

Mr. Ng previously served as a member of the board of directors for 18 years from 1998 to 2016.

AUB said Mr. Ng is joining his brother Jacob C. Ng in the board of directors, who also serves as executive vice-president and AUB’s branch banking group head and chief transformation officer.

Both are sons of Jacinto L. Ng, Sr., who is Republic Biscuit Corp. (Rebisco) and AUB founder and chairman emeritus.

While serving as the new chairman of the board, Mr. Ng is also the vice chairman of the Ng-owned Rebisco, AUB said.

He is also the president of Suncrest Foods, Inc., Multirich Foods Corp., Rebisco Retail Stores Corp., and SFI Multimix Corp., in which he also sits as chairman.

Mr. Ng also serves as the chairman of Omnipack Industrial Corp., as well as a stockholder of Rebisco Best Baker Food, Inc. and Action Republic Corp.

He is also a trustee of Rebisco Foundation, Inc., an independent director of Pico De Loro, and a director of SPI Corp., the lender said.

According to its financial statement, AUB’s net income in the first quarter jumped by 54% year on year to P2.02 billion from P1.32 billion due to higher commercial loan demand amid the economic reopening.

Its shares closed at P46.50 apiece on Wednesday, up by 25 centavos or 0.54%. — Aaron Michael C. Sy