Asia United Bank Corp. (AUB) said it has set aside an initial P300 million pesos to form an investment banking unit in an expansion move.
The bank said in a disclosure to the stock exchange on Monday its board of directors has approved the creation of an investment banking unit “with minimum paid-up capitalization of P300 million” as required by the Securities and Exchange Commission (SEC).
The investment-banking subsidiary will be wholly owned by AUB, the disclosure said.
For 2014, the company reported a 14 percent increase in net income to P1.7 billion from P1.5 billion a year earlier despite the industry-wide trading gains pullback last year.
The bank is optimistic about its growth prospects this year, focusing on aggressive branch expansion and ramping up its deposit-generation and lending activities.