Our Vision We are committed to be the bank of choice, known for financial strength and superior delivery of innovative products and services, driven towards total customer satisfaction.
Our Mission We shall be guided by our chosen corporate values of Commitment, Integrity, Excellence, Leadership, and Teamwork in: • developing long-term partnerships with clients through the delivery of responsive, innovative, and valueadded products and services; • providing the delivery channels that are relevant to our market to ensure convenience and increase the bank’s accessibility; • creating an employee work environment that fosters mutual respect, provides professional and personal growth, encourages creativity, is receptive to change, and is meritocratic;
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ASIA UNITED BANK 2009 ANNUAL REPORT
• ensuring optimum returns for our stockholders, our suppliers, and our business partners.
About the Cover The sun rises on the new AUB Tower in Ortigas, ushering in a brand-new day. As the financial and business landscape changes after the global economic crisis, Asia United Bank is well-positioned to emerge as the Bank of Choice for the innovative products, services and solutions it offers to clients.
About Asia United Bank (AUB) Asia United Bank (AUB) is a Philippine commercial bank with headquarters and main branch located at the Joy~Nostalg Center, 17 ADB Avenue, Ortigas Center, Pasig City. It was granted the license to operate as a commercial bank on September 3, 1997. It started its operations on October 31, 1997. AUB provides commercial banking services such as deposit products, loans and trade finance, domestic and foreign fund transfers, treasury, foreign exchange and trust services. The Bank is a joint venture between a consortium of reputable and successful Filipino industrialists and Taiwanese investment banks. Its major shareholders are the Republic Biscuit Corporation, Kuo Yu Philippines Holdings Inc., Lambda Holdings Corporation, Citio Maunlad Investments Corporation, and Magis Equity Ventures, a Singaporean investor. These groups share a common commitment of delivering superior and efficient financial services to the local communities as well as the business sector.
Responsibility
22 Independent Auditors’ Report 23 Audited Financial Statements 119 Products and Services 120 Branch Directory
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CONTENTS 4 Message from the Chairman and the President 6 Financial Highlights 7 Operational Highlights 14 Risk Management 15 Report from the Chief Audit Executive 16 Corporate Governance 17 Board of Directors 18 Management Team 20 Senior Officers 21 Statement of Management’s
ASIA UNITED BANK 2009 ANNUAL REPORT
AUB has 54 branches in Metro Manila and nearby provinces and 60 ATMs as of April 2010.
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ASIA UNITED BANK 2009 ANNUAL REPORT
MESSAGE FROM THE CHAIRMAN AND THE PRESIDENT
Jacinto L. Ng, Sr. Chairman
Abraham T. Co President
To our shareholders, 2009 was a year of remarkable change and challenge.
Robust financial markets And while dark clouds loomed over the farm sector due to the devastation from typhoons Ondoy and Pepeng, the stellar performance of the domestic financial markets made up for the gloom in 2009. The Philippine Stock Exchange became one of the best-performing equities markets in Asia. The peso continued to strengthen against the US dollar and even ranked as the second most stable currency in the world. Combined with the relatively low and stable interest rate environment, this ushered in a new golden era in the domestic debt market as many borrowers took advantage of the financial system that was awash with liquidity. While many of their counterparts continued to be hit by the global turmoil, Philippine banks remained largely unscathed in 2009, enjoying a Capital Adequacy Ratio (CAR) of 15.68% – much higher than the 10% minimum required by the Bangko Sentral ng Pilipinas. Total resources expanded by 7% to P7.95 trillion from 2008 levels. Stronger AUB Amid the changing financial landscape, Asia United Bank nonetheless maintained a strong focus on its customer acquisition strategy and strong balance sheet. In fact, we can confidently state that the Bank is in a much stronger position today than years ago. Our operations have progressively over the past year shown greater stability, predictability and consistency. This resulted in more profitable and sustainable operations in 2009, and established a platform for improved performance in the year ahead.
The Bank’s deposit base grew more robust in 2009, expanded by 31.94% to P10.70 billion from P8.12 billion in 2008, while our loans and receivables dipped to P21.45 billion from P21.5 billion a year ago. Moving forward As we grow our market share in commercial lending, AUB will continue to train its sights on expanding its consumer lending business, which makes up less than a third of its current portfolio. We will also keep up our rapid growth, both in branch network and product and service innovation. Our acquisition of Rural Bank of Angeles in July 2009, while a modest expansion, will open new doors for AUB in the emerging competitive field of microfinance lending. The Pampangabased rural bank’s four branches and two satellite offices will also augment AUB’s 50 branches nationwide as of 2009. Against the backdrop of improving economic conditions, we believe that AUB is uniquely positioned to benefit from what we believe to be a brand-new day in banking. It is our intent to ensure that the interests of our stockholders rise with the tide. On behalf of the Board, we wish to express our appreciation to the management team, as well as all our employees, for the tremendous commitment displayed over the tough years. Your dedication has been outstanding. We also pay tribute to our fellow directors for the considerable effort and contribution made during the last twelve months. AUB remains committed to ensuring a strong and sustainable future for all of our stockholders, for today and tomorrow. Thank you for your support.
ASIA UNITED BANK 2009 ANNUAL REPORT
Despite the odds, our economy emerged as one of the few in Asia that posted positive growth in 2009. Our full-year Gross Domestic Product (GDP) still managed a 0.9% growth, largely buoyed by retail trade, the financial sector, recreational services, and the mining sector, as well as the recovery of the manufacturing sector. While investments and export demand from our major trading partners slowed, remittances from overseas Filipino workers (OFWs) still fueled consumer spending and domestic consumption. Our modern-day heroes sent home US$25.9 billion, 15.6% higher than in 2008.
As of end-2009, the Bank posted a 34.7% growth in net income to P682.2 million from P506.4 million in 2008. Total assets grew by 14.4% to P49.24 billion from Php43.04 billion during the period. Our CAR ratio is still higher than industry and regulatory standards at 18.86%. Adequate liquidity and a strong balance sheet remain our strongest assurance to our depositors that their assets are being safeguarded by Asia United Bank.
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Amid the lingering effects of the global economic turmoil, the Philippine economy was hit by the havoc from two major tropical storms and the uncertainty from the nation’s first automated national elections in May 2010.
FINANCIAL HIGHLIGHTS
2009
AUB by the Numbers
34.7%
Increase in net income vs. 2008 to P682.25 million
Total Resources
49,235
In million Php
43,041 37,844 28,438
22,117
18.86%
Capital adequacy ratio
Total Deposits
38,250
In million Php 26,584
10.75
%
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ASIA UNITED BANK 2009 ANNUAL REPORT
Return on Equity vs. 10.4% in 2008
33,735
17,484 12,555
7.48
Total equity in billion pesos
Total Loans 19,542
In million Php
3.77
Gross income in billion pesos
10,884
11,832
21,510
21,457
REVIEW OF OPERATIONS By all measure, 2009 was a milestone year for the Branch Banking Group. Asia United Bank fortified its industry ranking by expanding its footprint nationwide and generating more deposit accounts. As of end-2009, AUB ranked 19th among the country’s 38 banks in terms of total assets and total deposits. Its total assets of P49.2 billion in 2009 represented an 18% increase from 2008 levels while total deposits grew 13% to P38.3 billion mostly driven by branch expansion. AUB’s branch network grew at a rate of 16% per annum.
RBA acquisition AUB’s three-year corporate strategy is anchored on a commitment to deliver long-term sustainability through both organic and inorganic growth. Consistent with its inorganic growth strategy, AUB acquired the Rural Bank of Angeles (RBA) in Angeles, Pampanga in July 2009. This marked a milestone in AUB’s 12-year history as a commercial bank. Under the acquisition, AUB will infuse P350 million into RBA over a period of there years. In addition, the sale of AUB’s common treasury
RBA is one of the pioneers in rural banking, having been in operation since 1953. It offers traditional banking services, including deposit account and services, commercial loans, agricultural loans and microfinancing. As of 2009, RBA had total assets of P169 million, which represents less than 0.3% of AUB’s total assets. The rural bank has four branches and two satellite offices, which is expected to not only boost AUB’s presence outside Metro Manila, but will also expand the Bank’s reach to clients in the rural areas and open the doors to microfinancing. New products While AUB takes advantage of fresh opportunities to widen its presence nationwide, it also aims to maximize its impact by offering innovative products, services and solutions to clients. In 2009, the Bank broke new ground by pioneering the Virtual Teller Kiosk (VTK), a homegrown system for queuing paperless transactions that AUB developed to make over-the-counter transactions faster and more convenient for clients.
ASIA UNITED BANK 2009 ANNUAL REPORT
Branching out In step with the Bank’s thrust to establish a presence in key cities nationwide, the Branch Banking Group (BBG) opened five new branches in 2009. These were in the following areas: Antipolo, Rizal (opened February 20); Tarlac (February 26); Sta. Maria, Bulacan (March 25); Meycauayan, Bulacan (March 25); and Navotas (October 28). AUB ended the year with a total of 50 branches (four more were opened as of April 2010).
shares to Kou Yu Philippines Holdings Corporation was completed in August 2009, resulting in additional capital of P1.2 billion.
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Current and savings accounts (CASA) deposits surged to an all-time high in 2009, with nearly ten million accounts or 19% higher than the year-todate target. The deposit level peaked in December, with a daily average of more than 11 million accounts. Time deposit (TD) accounts, however, still comprised the bulk of our total deposits at 65% and grew 17% to P39.5 billion during the period. CASA deposits, which made up a third of the portfolio, stood at P20.9 billion.
REVIEW OF OPERATIONS Another innovation AUB introduced in 2009 was the Manager’s Check cutting, which enables suppliers of corporate clients to claim payment in any AUB branch. With this service, Bank clients can now focus on other urgent requirements instead of attending to the tedious task of preparing checks for disbursement or payment to their suppliers. In addition to improving clients’ work productivity, suppliers can also conveniently choose where to claim the payment. To enhance the conduit clearing arrangement with rural banks, AUB also introduced in 2009 the E–Dispo with Rural Banks. The facility allows rural banks to effect clearing disposition over the Internet and process checks within the allowable cutoff time. These innovations were designed to bridge the gap on AUB’s limited branch network while continually exploring ways to bring products, services and solutions tailor-fit to clients’ banking needs.
Behold the future with Virtual Teller
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ASIA UNITED BANK 2009 ANNUAL REPORT
The phrase ‘virtual teller’ may bring to mind a mechanical robot at an amusement arcade. But AUB’s Virtual Teller Kiosk (VTK) is nothing to laugh at. The Virtual Teller is designed to reduce over-the-counter queues and speed up straight-forward self-service tasks while freeing up Bank staff to deal with more complex issues. Using the VTK, AUB clients could now do away with the tedious task of filling up deposit slips for every cash and check deposits. They only need to encode details of the transaction in the VTK machine and get a queue slip. This automated process allows tellers to avoid human error in processing transactions. It also eliminates the need for AUB branch personnel to do tedious account reconciliation at the end of every banking day as all transactions have already been encoded in a database.
Branch marketing Amid lingering economic and political uncertainties in 2009, AUB’s Field Sales Officers (FSO) team successfully introduced and implemented the Bank’s products and services through the branches. Front liners the FSOs have been responsible in selling AUB. The Team generated P555 million additional CASA deposit accounts during the year. Front-line efforts of the FSO Team contributed P164 million (MTD) to AUB’s bottom line in 2009. To support the Bank’s branch expansion strategy, the Team will focus on strengthening its ranks with experienced FSOs and training. In 2009, the Team started grooming a second batch of FSO Development Program trainees by tapping employees with sales potential and providing them training to become Field Sales Officers. Strengthening sales The Special Services Unit (SSU) assists branches in meeting their CASA deposit targets through AUB’s flagship product, the AUB BizKit. In 2009, the Unit generated P5.3 billion worth of accounts, which represents a dramatic increase of 143% from the 2008 level. SSU surpassed its 2009 target by P1.5 billion through more aggressive Branch-Based Marketing, user trainings for both internal and external clients, and improved coordination with Branch Managers and FSOs. The Bank’s Operations Group also responded to clients’ outsourcing needs and other concerns. SSU also successfully deployed the AUB BizKit 2009 version in the middle of 2009, which further boosted the generation of CASA deposits. The Unit will continue to actively lead and participate in the production and development of the BizKit systems, not only to be more competitive with other banking players, but more so to deliver the best service and satisfy the needs of AUB clients.
AUB took advantage of emerging opportunities in commercial lending in 2009.
Improved market share Commercial lending comprises a bulk of the Bank’s loan portfolio at 85%. While the slowdown in the global economy continued to be felt in 2009, the Bank saw emerging opportunities in the domestic market for corporate loans. As a result, AUB was able to post a slight improvement in its market share in trade financing despite the slump in exports and investments with the country’s major trading partners. AUB’s total volume of Letters of Credit (L/C) exceeded US$116 million in 2009. Combined with DAs and DP’s of US$23 million, total import-related volume stood at US$139 million. This is expected to increase in 2010 as prospects for a global economic recovery continue to improve. Despite the lingering effects of the global financial crisis, the Bank’s IBG2, which focuses on Specialized Lending activities, performed credibly well as its loan portfolio surpassed 2008 levels. The group made head ways by booking huge loan transactions with reputable industry leaders.
Enhanced systems Amid a challenging credit situation and fever-pitch competition, AUB was able to establish a strong foothold in the Salary Loans business. In 2009, 75 of the country’s premier corporations comprising more than 30,000 employees were accredited under the Bank’s employee loan program. In line with introducing enhanced systems and procedures, the Bank intensified its focus on proper account servicing, as well as credit risk management. In 2009, AUB intensively utilized an electronic billing statement which greatly improved accuracy and efficiency of payments. This benefited the accredited companies which enjoyed hassle-free billing, reconciliation and inquiry. Further system improvements, combined with cross-selling opportunities for the Bank’s innovative cash management suite (BizKit), are seen as key drivers to growing its clientele base. Opportunities are also in the horizon as clients start taking advantage of Internet banking, remote access and approvals, and other innovative features of BizKit. As such, the Bank expects to increase its corporate loan portfolio by at least 20% in 2010.
NO ORDINARY KIT. AUB introduced in 2005 an extraordinary business checking account that brings a new slew of cash management solutions in the client’s fingertips. Called the AUB BizKit, the package combines the essential cash management tools such as a Payroll Organizer; a Check Maker, a system that automates check preparation and disbursement; Check Banker, a facility that tracks the client’s postdated checks; the SSS Remitter; and Financial Helper, which shows an integrated summary of accounts to enable the client to know his business’ financial status or cash flow.
ASIA UNITED BANK 2009 ANNUAL REPORT
AUB’s Institutional Banking Group (IBG) offers a comprehensive range of banking services to corporates, trust companies, corporate service providers, asset managers and banks. Its menu of services ranges from deposit facilities to treasury products, trade finance and salary loans customized to the requirements of clients.
In particular, the Bank stepped up its corporate lending activities to meet the continued robust demand from clients which took advantage of the relatively low interest rate environment. Its corporate loan portfolio increased by P1 billion in 2009 due to new availments by two industry giants: Smart Communications and San Miguel Brewery.
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2009 may have been unquestionably difficult for global business, and further challenges lie ahead. However, Asia United Bank remains committed to supporting its clients and deepening its relationships for the long term.
REVIEW OF OPERATIONS Private banking remains a competitive edge for AUB. AUB believes that every client is different. This is why it has developed an innovative approach to delivering a superior level of service that gives private banking clients access to market-leading investment advice.
Turning techie in ‘Tuna Capital’ It isn’t everyday that you step into a bank branch that looks and smells like the lobby of a hotel, get a warm welcome from an eversmiling Branch Manager, and transact using the latest banking technology. But in the “Tuna Capital of the Philippines,” this is actually a typical experience for clients of Asia United Bank’s General Santos City Branch.
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ASIA UNITED BANK 2009 ANNUAL REPORT
“In just three years of operating here, AUB has already gained quite a reputation in Gensan as a first-class bank, a problem-solver and a technology pioneer,” says AUB Vice President Orman Manansala, who manages the branch. AUB Gensan has been a consistent GoalBuster awardee for its profitability and passing all internal audit reviews. Its secret in drawing clients: Branch-Based Marketing. To convince clients about the security features of the BizKit, no less than the Branch Manager went to his clients’ offices and demonstrated the Bank’s flagship product using his laptop and a wireless connection. Mr. Manansala says Gensan entrepreneurs were easily drawn and adopted to the new technology fast. In fact, its recently installed Virtual Teller Kiosk was an instant hit with clients. “Our ears are very close to the ground here in Gensan. We know what our clients need and if and when that need can be addressed through technology,” says Mr. Manansala. “That’s why we always say: Let AUB work for you.”
AUB’s Private Private Banking Group anticipates and understands the needs of high net worth private individuals to help them achieve their immediate and long-term financial goals. In doing this, the Group always puts a premium on personal chemistry and professionalism. This distinctive brand of personalized service continues to propel the success of AUB’s private banking business. In 2009, Private Banking generated P1.06 billion in CASA deposits, which represents a 67% growth from the year-ago level. Term placements rose 77% to P4.8 billion, influenced by the stable interest rate environment and the investment appeal of available instruments. The Group ended the year with a total loan portfolio of P2.5 billion. Among the lending groups of the Bank, Private Banking ranked highest in terms of import volume, which reached USD42 million in 2009. This accounted for 34% of the Bank’s total letters of credit opened last year. These robust results simply show that local banks have become important players and have started clawing back market share in the private banking arena, traditionally the stronghold of large global franchises and international banks. With the global economic crisis denting the reputation of some of the world’s private banking giants, clients have started to see the value of relationships more than just big names. To deliver sustainable growth to the Bank’s bottom line, AUB’s Private Banking Group will continue to focus on expanding its client reach by catering to profitable industries. These include the food, information technology, pharmaceutical, healthcare and steel industries. The Group will also continue to adopt its time-tested relationship marketing strategies to improve its deposit and loan portfolio levels, as well as its trade transactions. It will remain committed to nurturing long-term relationships with clients by ensuring effective and timely delivery of products and services.
The Bank will expand its remittance business to reach more overseas Filipinos. Remittances are a closely watched indicator in the country, given the boost they give to household consumption, which is one of the key growth drivers of the economy. In 2009, amid the recession in the United States and industrialized countries in Europe, remittances from the country’s 8.2 million documented overseas Filipino workers remained the saving grace of the economy. Despite the economic slowdown, OFWs sent home $17.3 billion, which was 5.6% higher than in 2008. The growth boosted the volume of AUB’s remittance business, which rose by 12% to US$334 million in 2009. These transactions generated for the Bank P118 million in gross revenues.
ARE YOU REDI? AUB offers the AUB Redi Money Card, a reloadable, reusable, PINbased card available in any AUB branch or in AUB Remittance Marketing Representatives in strategic locations worldwide. All AUB Payroll clients, OFWs and their remittance beneficiaries, and AUB Salary Loan borrowers can enjoy the convenience of having instant access to cash to pay bills, pay for goods and services or send home, in the case of OFWs.
The Bank also automated its Cash Card delivery system and feedback received from its Call Center in validating the delivery of cash cards. Paperless processing of remittance transactions and improved system interface with remittance partners are seen to boost the business in 2010.
ASIA UNITED BANK 2009 ANNUAL REPORT
The Bank expects its remittance business to benefit from the increase in the number of its Remittance Marketing Representatives in strategic locations worldwide. In 2009, AUB entered into partnerships with the following: Mandiri Exchange (Brunei), Al Ansari & Behbehani Exchange and the Al Fuad Exchange (Kuwait), Union Exchange (Qatar), and Safe Interenvios (Spain).
AUB’s remittance business is also expected to gain from improved system security and efficiency due to enhancements on the Redi Money system, including the uploading of scanned application forms and valid IDs to eliminate printing of documents.
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Remittances contributed to AUB’s income from low-cost fund sources, with P381 million in average daily balance (ADB) generated in 2009. US dollars converted into peso deposits accounted for 40% of the total ADB at P153 million, followed by cash card deposits in AUB’s Redi Money and CASA deposits. Of the three, CASA deposits increased the highest at 31%, followed by cash card at 22%, and USD savings accounts at 6%.
REVIEW OF OPERATIONS TREASURY GROUP One of the Bank’s goals is to be among the most profitable financial institutions in the market. The Treasury Group’s contributions over the past 12 years had been a significant component in achieving this goal, and its stellar performance in 2009 was no exception.
Young top guns keep AUB wired
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ASIA UNITED BANK 2009 ANNUAL REPORT
To find out the secret how 12-year-old Asia United Bank keeps its pioneering spirit by offering products and services that break new ground, you just have to look at its IT Group.
Total combined trading Income from both fixed income and forex trading exceeded P800 million, reversing AUB’s P12-million loss in 2008. The Bank diversified into other markets and traded in Indonesian Sovereign Debt and Russia Quasi-Sovereign Issues, which paid off handsomely for AUB. These markets will continue to be a healthy source of trading revenues for AUB in 2010 as prospects for both markets improve markedly. In 2009, the Treasury Marketing Unit (TMU) expanded the client base for Eurobond investments. In coordination with the Bank’s Trust Department, sales and distribution activities for local currency products and the sale of Eurobonds directly via TMU are expected to further drive the Bank’s growth.
Occupying a sprawling office floor are 45 young IT professionals recruited from the country’s major universities and mostly belonging to the top of their class in Engineering and Computer Science. Heading the Group is i-Pad-toting, 41-year old First Vice President Willy Rodriguez.
Trust and Investments Group Slow recovery in major financial markets in 2009 prompted investors to remain cautious in the aftermath of the 2008 global economic crisis. Given this difficult market environment, the Bank’s Trust and Investment Group focused on capital preservation by keeping a bulk of its assets in fixed income instruments. While equity markets rallied in 2009, the bullishness did not last long to take profit.
“Every bank can say it has the best customer service. That’s the traditional way of getting clients. AUB has to compete in another level where others cannot follow,” says Mr. Rodriguez. “This is why we introduced products and services with technology as a key differentiator.”
The global crisis discouraged local firms to borrow in foreign currency, paving the way for a tremendous increase in the number of Philippine corporate debt issues in 2009. Seizing the opportunity, the Group beefed up its long-term trust accounts to leverage on the availability of these corporate bond issuances. It managed to maintain its non-performing loan ratio at zero in 2009.
To do this, he says getting the top talent with the right skills is key. After all, what makes technology great is not what’s in it, but who’s on it. Retention is another matter. “We try to nurture their creativity by making them appreciate the value of what they bring to the table. I bring them to our clients to give them a feel of the market’s needs, how they can address them through IT solutions, and see the impact of what they do.” Keeping the Bank wired with the finest IT talents is after all its way of making up for its limited branch network. “We use technology to expand in areas that we cannot reach, including overseas clients,” adds Mr. Rodriguez.
The Group will continue to beef up its portfolio of long-term trust accounts which offer higher yields over government securities. It will also maximize its proven expertise in fund management, as shown by the consistent performance of its funds. HUMAN RESOURCES Group AUB’s workforce grew by 6% to 755 employees in 2009, comprised of 348 officers and 407 staff. This was in line with the opening of five new branches in strategic locations around the country. Employees logged a total of 2,008 hours or 251 days on in-house training, with an average of 2.5 hours per employee while 779 hours or 97 days were spent on external/public seminars with an average of 9 hours per employee. The bank also offered new courses to its officers and staff to increase their competencies and make them better equipped to meet the challenges of a dynamic workplace.
IT will continue to be a key differentiator for AUB’s business. Recognizing that information technology is an important cog in AUB’s growth engine, the Bank continues to invest and harness powerful solutions that will allow it to expand its market reach and address the changing needs of its clients. In 2009, the Information Technology Group focused on upgrading the Bank’s IT infrastructure and enhancing systems to support the launching of new products and services and aid AUB branches in providing better service its clients. The Group also acquired and upgrade necessary hardware/ software to support the Bank’s expansion plans. It also initiated the migration to the IP-VPN network technology which will shave off around 30% in monthly cost for AUB’s branches.
• Market Risk System, which involves computing the Value at Risk (VAR) for Forex and Bonds, was developed and deployed in 2009. This system interfaces with the Bank’s Treasury System and Bloomberg for the retrieval of inventories and market rates in providing timely, accurate reports.
• Consumer loans for auto mortgages and personal/ salary loans were also supported with the enhancement of the Loans System. • The checkbook requisition workflow was completely automated. This requisition process also involved the Checkbook Supplier/Printer and providing SMS notification to depositors when checkbooks became available for pickup. • AUB’s Redimoney System was enhanced to provide additional functionalities to cater to the growing cash card business. Access to agents abroad for the issuance and monitoring of cash card accounts were made possible.
GOING TO CHINA? In 2009, AUB became the first local bank to accept savings account in renminbi or yuan as part of its expanded services. AUB customers can also buy and sell the Chinese currency for trade-related and travel purposes, subject to existing guidelines of the Bangko Sentral ng Pilipinas and People’s Bank of China. The new service would facilitate trade payments with the Chinese mainland, as well as with a number of establishments in Hong Kong and Macau.
ASIA UNITED BANK 2009 ANNUAL REPORT
The Group also deployed the 2009 version of BizKit, the Bank’s flagship product. IT was also instrumental in the design and launching of the Virtual Teller Kiosk, a first in the industry and is expected to revolutionize branch banking operations in the future. Other IT-related projects handled by the Group in 2009 are the following:
• The Bank’s introduction of new deposit products, such as the RMB Savings Account and the five-year USD time deposit account with interest payouts every month.
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The Group played a critical role in the implementation of major products and services last year. This includes the check warehousing project for Pag-IBIG Fund, which emerged as AUB’s largest PDC warehousing client with over 240,000 checks warehoused and around P50 million in average daily balance as of end-2009.
RISK MANAGEMENT AUB believes that return of capital can only be maximized if there is an effective risk management structure and process in place. Thus the Bank ensures that the risk management function is embedded in its overall structure and that all its employees – from senior management down to the front-line personnel – know how to assess and manage risks inherent in our business. Risk Management Structure Risk management is a top-down process in the Bank’s organization that starts with the Board of Directors. Through the Risk Management Committee (RMC), members of the Board and senior management are actively involved in planning, reviewing, approving and assessing of all risks involved. The RMC directly oversees the Risk Management Group and the Risk Control function.
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ASIA UNITED BANK 2009 ANNUAL REPORT
In addition, the Risk Management Department takes a comprehensive approach to the core risk dimensions of the Bank such as Credit Risk, Market Risk, Liquidity Risk and Operational Risk. Based on the overall risk policies and limits, specific risk instructions for the main business units are prepared. Given the dynamic nature of the banking business, new significant risks may unexpectedly arise, which may only be identified in a timely manner with the help of the Bank’s functional and line units. This is why although AUB’s risk management framework has a top-down approach, its efficiency and effectiveness can only be achieved by ensuring that all business line units have well-defined roles in the Bank’s risk management structure. Risk Management Program AUB’s strategic plan is principally based on the business plans submitted by the individual risk-taking units (i.e., Corporate and Commercial Banking Branch Banking, Treasury, Private Banking and Consumer Banking) after considering their current risk profiles. The Bank then sets and or revises explicit targets, limits and contingency plans in accordance with its risk appetite and policies.
The risk assessment program is designed to suit the Bank’s risk appetite, strategic priorities and available people support. This process is spearhead by the Risk Management Group that reports its findings to a management task force to validate and concur with the risk assessments gathered from the operating units. The management task force is composed of the Bank’s Treasurer, Branch Banking Head, Operations and IT Head and Institutional Banking Head. Risk Identification The following significant risks have been initially identified by the Board and Senior Management: Credit Risk is the risk that a counter-party or borrower will not be able to pay obligations in full or on time as contracted subjecting the Bank to financial loss. The Bank is exposed to credit risk through its portfolio of commercial loans, consumer loans, Treasury investments and Over the Counter (OTC) derivative contracts. The Bank is also exposed to other off-balance sheet exposures (e.g., guarantees, lines of credit). Market Risk is the risk of loss immediate or over time due to adverse fluctuations in the price or market value of a instruments, products and transactions in the Bank’s overall portfolio (on or off balance sheet). Common types of market risk include Foreign Exchange Risk, Interest Rate Risk, and Price Risk. Liquidity Risk is the risk that the Bank will be unable to make timely payment of cash flow obligations to customers or counterparty resulting from mismatch in asset and liability maturities. Operational Risks are risks of direct or indirect loss from inadequate or failed internal processes, people and systems or from external events. Non-quantifiable Risks are risks that cannot be subjected to numerical measurement but can be managed through compliance with Bank policies and procedures. This includes Legal Risk and Business/ Reputational Risk.
REPORT OF THE CHIEF AUDIT EXECUTIVE
For the year 2009 the Internal Audit Department performed internal audit assessments of all organization units, based on Audit Plans and Strategies under the Risk-Based Audit Approach in accordance with the Generally Accepted Auditing Standards as approved by the Audit Committee. Consequently, as in any normal business operations, the Audit Department noted some areas that needed improvement in the Bank’s Internal Control Procedures. These were immediately raised to the Management and the necessary corrective actions were taken. Audits are conducted using the Risk Assessment methodology. Evaluating the “Risk” takes into consideration the extent of the potential “Loss” and the “Probability” that the loss will occur. The established Rating System provides the statistical support to the assessment of the area being audited, which aims to minimize any subjectivity perception. It takes into consideration the gravity of the findings against each category being rated. The current Internal Controls and Credit Policies of the Bank were consistently rated by the Bangko Sentral ng Pilipinas at acceptable CAMEL rating for the past five years. The Bank’s CAMEL rating of “3.00” indicates that AUB is a fundamentally sound financial institution. Moreover, the past due ratio of our commercial loan portfolio is a mere 2.64% way below the industry average of 4%.
The Audit Committee will continue to assure depositors and stakeholders that Internal Procedures and Risk Management Practices will always be adequate and effective in guarding the assets of the bank. Corporate Governance Asia United Bank Corporation, under its Corporate Governance Manual submitted to the Securities and Exchange Commission has fully complied with the requirements of Circular No. 296 dated 17 September 2001 as amended by Circular No. 370 dated 17 February 2003. All directors had completed its Corporate Governance Training required by Bangko Sentral ng Pilipinas. For the year 2009, we have revised our Manual on Corporate Governance to fully comply with the BSP requirements. Correspondingly, we have also submitted to the Securities and Exchange Commission our Corporate Governance Manual Evaluation Sheet for year 2009 as required under SEC Circular No. 2 dated 5 April 2002, where the Bank has substantially complied with the requirements. As part of the Bank’s Continuing Corporate Governance education and awareness program, a regular training of officers and staff was conducted in 2009 based on the approved Asia United Bank’s Manual on Corporate Governance.
Atty. Ma. Gracia P. Tan Audit Committee Chairperson
ASIA UNITED BANK 2009 ANNUAL REPORT
As of December 31, 2009, the bank has fifty branches all over Metro Manila and in the key cities of Luzon, Visayas, and Mindanao.
The Internal Audit Department, together with the External Auditors, and the Audit Committee of AUB have ensured that good governance is practiced in the Bank as prescribed by Securities and Exchange Commission Circular No. 2 and Bangko Sentral ng Pilipinas Circular No. 499 dated November 25, 2005 on the role of the Audit Committee and the External Auditors.
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Asia United Bank Corporation was granted authority to operate as Commercial Bank under MB Resolution No. 1149 dated September 3, 1997, and commenced operation on October 31, 1997.
CORPORATE GOVERNANCE At AUB, we take seriously our role in helping serve as an engine of growth and success for individuals, families, entrepreneurs, and companies of every size. AUB’s Risk Management Group will roll out a risk assessment program across the organization to effectively identity, measure and control risks following the ISO 31000 guidelines. One way we demonstrate this is through our commitment to upholding the highest standards of corporate governance and ethical conduct. On top of fulfilling this mandate is our Board of Directors, which provides oversight of the Bank’s affairs and constantly works to improve and build on our strong corporate governance practices.
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ASIA UNITED BANK 2009 ANNUAL REPORT
Board Responsibility The Board ensures that our management processes, structures and policies comply with laws and regulations and provide clear lines of sight for decision-making and accountability. It also sees to it that Management is fully capable of running the day-to-day activities of the Bank and is made responsible for implementing the strategies approved by the Board. Board Committees The Board has established several Committees to prescreen, review, and evaluate all proposals that require its approval. These committees are responsible for recommending and elevating the final proposals to the monthly Board meeting for approval. These various committees are as follows: • Executive Committee • Risk Management Committee • Asset and Liability Committee • Product Committee • Audit Committee • Trust Committee • IT Steering Committee • Corporate Governance Committee
Board of Directorss Trust Committee Audit Committee
Risk Management Committee Governance Committee
Internal Audit Compliance
Executive Committee
The Board established the Corporate Governance Committee to assist in fulfilling its corporate governance responsibilities. Its roles and responsibilities are as follows: • To assess the performance of the Board of Directors on an annual basis; • To approve Committee memberships and ensure compliance with MOR guidelines • To ensure completion of Corporate Governance training for new directors on a timely basis; • To approve the actions recommended by the Performance, Compensation and Remuneration Committee; and • To approve any changes on the Organizational Chart of the Bank
(Standing, L-R)
Jacinto L. Ng, Sr.
Jonathan C. Ng Director
Chairman
Abraham T. Co President
Ma. Pilar Martinez-Caedo Corporate Secretary Atty. Lily K. Gruba Director Atty. Angelo Patrick F. Advincula Director
Dr. Felipe Medalla Director George T. Chua Director Atty. Grace Tan Director Luis U. Ang Director
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(Seated, L-R)
ASIA UNITED BANK 2009 ANNUAL REPORT
BOARD OF DIRECTORS
MANAGEMENT TEAM
(Seated, R-L) Abraham T. Co President Victor Y. Lim, Jr. Executive Vice President (Standing, L-R) Executive Vice Presidents Isabelita M. Papa Manuel A. Gomez Antonio V. Agcaoili
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ASIA UNITED BANK 2009 ANNUAL REPORT
SENIOR VICE PRESIDENTS (Seated, L-R) Florante C. Del Mundo Herminia C. Musico Willy G. Ng (Standing, L-R) Ronald Joseph D. Fernandez Rustico C. Nazareno, Jr. Andrew A. Chua Francisco M. Caparros, Jr. Sandy W. Tan
FIRST VICE PRESIDENTS (Seated, L-R) Ma. Theresa C. Ogbinar Emmanuel L. Benitez Annette R. Manapil (Standing, L-R) Christine T. Chan Andrew T. Yap
Lela S. Quijano Ma. Theresa M. Copo Belinda C. Rodriguez (Standing, L-R) Jose A. Camello Wilfredo E. Rodriguez, Jr. Joselito R. Jacob Not in photo: Catherine Chua-Uy
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(Seated, L-R)
ASIA UNITED BANK 2009 ANNUAL REPORT
FIRST VICE PRESIDENTS
SENIOR OFFICERS Vice PresidentS
SENIOR MANAGERS
MANAGERS
Maria Isabel Antonio Reynaldo Boringot Ronald Bugayong Domingo Claro Eduardo Dayrit Florante Fajardo Lourdes Foronda Ariel Garces Sandra Gaw Zenaida Librea Rolando Libunao Nilo Macalino Remedios Madrid Orman Manansala Ven Martelino Rodolfo Mateo Gilda Tiongco
Oscar Abendan Virginia Abrigo Joan Ann Agravio Ernesto Ancheta Aldwin Christian Ang Editha Baronia Anna Maria Carmencita Bautista Paul Benemerito Domingo Canlas Irene Ching Yong Chua, Jr. Lily Ann Chua Margaret Rose Chua Fermin De Guzman James De Guzman Robert Frederick Dy Nora Esquejo Emily Go Moises Lampano Louie Landayan Joel Longalong Desiree Mae Lumanog Raymond Mangahas Patricio Mercado Marichie Nacion Lupo Ortiz, Jr. Jefrey Pangilinan Soledad Reyes Eduardo Arsenio Roldan Robert Salapantan Mario Santos David Sarte Roselle Suaverdez Mimi Tan To-Santos Christine Tan Ruby Tan Lolito Utitco Emmanuel Velasco Ronald Villanueva
Ma. Theresa Abad Maricar Angeles Janus A単onuevo Ma. Teresa Balbuena Robert John Banua Techie Buenaventura Rowena Caro Rosalia Ching Ma. Annabelle Constantino Remedios Coronel Karen Cua Alvin Teodoro Dayauon Virgilio Due単as Daniel Durian Gerardino Eloriaga Jeanie Enanod Vivien Espino Albert Antonio Estrellado Teresa Socorro Feraren Maria Cristina Fernando Alfonso Go III Ma. Gracia Gordo Ramon Gupit, Jr. Jonafel Infante Michael Lim Elmo Medina Jeanette Mendoza Yvonne Morales Charity Morgado Ma. Del Carmen Palma Maritess Pascual Marife Paz Rochelle Reyes Ricson Roble Rosalinda Sarreal Bernadette Tiongson Nancy Uy Armando Velasquez Mary Ann Ventura Cristina Vicente Emily Wong Leslie Wycoco Michelle Yang
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ASIA UNITED BANK 2009 ANNUAL REPORT
Assistant Vice PresidentS Jill Mae Ang Joselito Camagong Leah Chua Vina Co Cristopher Cura Rainer Defante Derlou Garcia Evelyn Guerra Mary Grace Lanuza Nora Li Arthur Lim Celestina Lopez Zita Los Ba単os Alan Marbella Elizabeth Mercado Jacob Ng Rachelle Ng Ana Lina Palma Ling Ling Ponce Albert Reyes Farley Silva Amelia Sison
PRODUCTS AND SERVICES
Trust and Investment Services Employee Benefit Trust Provident Fund Pension Fund Fund Management Individual/Corporate Portfolio Management Pre-Need Fund Management Unit Investment Trust Fund Management AUB Peso Investment Fund AUB Equity Investment Fund AUB Gold Dollar Fund Estate Planning Guardianship Living Trust AUB Gold Chest Plan Testimonial Trust Special Corporate Services Escrow Agency Custodianship Services Mortgage Trust Indentures Treasury Services Fixed-Income Trading and Distribution Local Currency Treasury Bills/Treasury Notes/Bonds Fixed Floating Rate Corporate Notes Short and Long-Term Commercial Papers US$-denominated Certificates of Deposit US$-denominated US Treasuries US$-denominated Eurobonds/Notes US$-denominated Credit-Linked Notes Foreign Exchange Trading Spot Trading Currency Swaps and Forwards Cash (Notes) Handling
International Banking Services Letters of Credit/Collection of Clean and Documentary Bill Foreign and Domestic Remittance Purchase and Sale of Foreign Exchange Auxiliary Services Preferred ATM Preferred Cash Preferred PhoneBanking Preferred Online Banking Safe Deposit Box Deposit Pick-up Service Manager’s Check/Gift Checks Fund Transfer (TT/DD)
ASIA UNITED BANK 2009 ANNUAL REPORT
Cash Management Services AUB BizKit Checking Account Payroll Organizer CheckMaker CheckBanker SSS Remitter BalanceChecker e-Banker
Credit and Loan Facilities Short Term Working Capital Loans Trade Financing Facilities Domestic Letters of Credit with Trust Receipt Facility Import Letters of Credit with Trust Receipt Facility Packing Credit or Export Loans versus LCs or POs Domestic Bills Purchase Line Foreign Loan/Financing Packages Corporate Salary Loan Program BSP US$/Peso Rediscounted Loans Specialized Lending Facilities DBP Funded* Industrial Guarantee Loan (IGLF) Japan Export-Import Bank Facility (JEXIM) Japan Export-Import Bank Facility (JEXIM) Industrial and Support Services Expansion Program (ISSEP II) Environmental Inrastructure Support Credit Program (EISCP I) SSS Funded SSS-GSIS Financing Program Financing Program for Tourism Hospital Financing Program Financing Program for Educational Institutions Housing Loan Program Development Program Syndicated Medium & Long-Term Loans Documents Against Acceptance (DA) Documents Against Payment (DP) Open Account (TT)
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Deposit Account Products Preferred Peso Checking Preferred Peso Savings Preferred Savings Plus Preferred Time Deposit Preferred Money Max 5 Preferred Dollar Savings Preferred Dollar Time Deposit Preferred Renminbi Account
BRANCH DIRECTORY HEAD OFFICE JOY~NOSTALG CENTER 17 ADB Ave., Ortigas Center Pasig City T: 637-8941 • 635-0465
METRO MANILA ANNAPOLIS Unit 102, Intrawest Center 33 Annapolis St., Greenhills San Juan City T: 744-3192 • 722-9354 725-3976 F: 744-3191 ARRANQUE 692-694 T. Alonzo cor. Soler Sts. Sta. Cruz, Manila T: 735-8013 • 339-2621 735-7836 F: 735-7836 AYALA ALABANG G/F BMW Center, Commerce Ave. Madrigal Business Park Ayala-Alabang, Muntinlupa City T: 809-6884 • 809-1978 F: 809-2270
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ASIA UNITED BANK 2009 ANNUAL REPORT
BF HOMES PARANAQUE Ground Floor, The Pergola Mall Aguirre Avenue cor. Gaches St. BF Homes, Parañaque City T: 836-8792 • 836-8793 F: 836-8266
CONGRESSIONAL 177 Congressional Ave. cor. Sinagtala St., Quezon City T: 920-4292 • 929-7048 • 456-6284 920-9686 • 929-6822 F: 920-4292 DEL MONTE 269 Del Monte Ave., Bgy. Manresa Quezon City T: 365-6980 • 412-5010 367-6306 • 365-6977 F: 367-6306 DIVISORIA Unit 800-802, Co Cuanco & Sons Bldg. Tabora cor. M. de Santos Sts. Divisoria, Manila T: 244-2975 • 244-2976 • 311-1397 F: 244-2976 EDSA-CALOOCAN 500 E. delos Santos Avenue Caloocan City T: 367-8053 • 367-8191 • 367-8497 F: 364-3009 ERMITA G/F Ermita Center, Roxas Boulevard cor. Sta. Monica St., Ermita, Manila T: 525-6649 • 523-6747 523-5138 • 400-6091 F: 523-6689 GIL PUYAT G/F Morning Star Bldg. Gil Puyat Ave., Makati City T: 899-4288 • 899-3868 • 899-4286 F: 899-3484
BGC PICADILLY Picadilly Star Bldg. 4th Ave. cor. 27th St. Global City, Taguig City T: 403-2558 • 403-2560 403-2562
KALOOKAN GRACE PARK 222-226, 5th Ave., Rizal Ave. Ext. Grace Park, Caloocan City T: 365-2931 • 364-2070 • 364-2036 364-2049 • 365-2921 • 364-2019 F: 364-2035
BINONDO 564-570 Quintin Paredes St. Binondo, Manila T: 243-9783 • 243-9784 243-9786 • 242-2428 242-2426 F: 243-9785
KALOOKAN SAMSON ROAD No. 149-C, D, E Samson Road Caloocan City T: 323-3142 • 367-4966 F: 367-4940
BONIFACIO GLOBAL CITY Net2 Square, 3rd Ave. cor. 28th St. Crescent Park West Bonifacio Global City, Taguig City T: 856-0313 • 856-0314 856-0316 F: 856-0311
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LAS PINAS 304 RC Sicam Bldg. Alabang Zapote Road Talon Uno, Las Piñas City T: 873-8056 • 873-8171 875-1265 • 875-1269
MALABON 121 Gov. Pascual Ave. Acacia, Malabon T: 285-4469 • 285-4597 • 285-7301 F: 285-4469 MALINTA 177 Paso de Blas, Valenzuela City T: 292-6751 • 292-6690 • 444-1477 F: 292-6751 MARIKINA 76 Angel Tuazon St., New Marikina Subd. Brgy. San Roque, Marikina City T: 682-0823 • 682-1894 F: 682-2036 NAVOTAS G/F Melandrea III Bldg. Virgo Drive Northbay Blvd. South, Navotas City T: 351-7185 • 282-7132 F: 351-7184 NOVALICHES 847 Quirino Highway, Brgy. Gulod Novaliches, Quezon City T: 930-9565 • 930-9561 • 417-4044 F: 930-9565 ORTIGAS AVE., GREENHILLS BRANCH VAG Bldg., Ortigas Ave. Greenhills, San Juan City T: 722-0667 • 722-0192 • 744-6027 PARC ROYALE BRANCH G/F Parc Royale Condominium Julia Vargas Ave., Ortigas Center, Pasig City PASIG 97 C. Raymundo Ave. Caniogan, Pasig City T: 738-9403 • 643-5613 F: 641-4496 RUFINO G/F Feliza Bldg., 108 V.A. Rufino St. Legaspi Village, Makati City T: 840-2640 • 752-0441 F: 830-2366 VALENZUELA MacArthur Highway cor. Cayetano St. Karuhatan, Valenzuela City T: 291-3297 • 432-5003 F: 291-3311
CEBU-TABOAN 77 C. Padilla St. Taboan, Cebu City T: (032) 262-2585 • 418-2018 F: (032) 262-2585
LUCENA Magallanes cor. Enriquez Sts., Lucena City T: (042) 373-5782 • 373-5782 • 660-5781 F: (042) 660-5781
DAGUPAN Ground Floor, Catholic Trade Dagupan Foundation Inc., A. B. Fernandez Ave., Dagupan City T: (075) 523-6293 F: (075) 523-6293
MANDAUE AWPM Realty Dev. Corp. Bldg. MC Briones St., National Highway Mandaue City T: (032) 420-5877 • 344-0808 F: (032) 420-6260
BACOLOD JS Building Lacson St. cor. Galo St. Bacolod City T: (034) 708-9356 • 433-9956 • 434-7121 F: (034) 433-9956
DAVAO Central Plaza I, J.P. Laurel Ave. Davao City T: (082) 221-9651 • 300-2088 221-9757 F: (082) 221-9757
MEYCAUAYAN El Camino Road, Las Villas de Sto. Nino Camalig, Meycauayan City, Bulacan T: (044) 815-2835 • 815-2851 • 695-2199 F: (044) 815-2835
BINAN Earth and Style Sales Center Bldg. Old National Hi-way Bo. San Antonio, Biñan, Laguna T: (049) 411-7108 • 511-4310 511-8251 F: (049) 511-4310
DAVAO-MONTEVERDE GF, Lao Bldg., Suazo cor. Monteverde Sts., Davao City T: (082) 222-6431 • 305-4007 F: 836-8266
ANTIPOLO Unit 1 Claveria Plaza, Circumferential Road Brgy. Dalig, Antipolo City T: 661-2823 • 661-2760
CAGAYAN DE ORO 9000 C. M. Recto Ave. Lapasan, Cagayan de Oro City T: 08822-729678 CALAMBA G/F Calamba Executive Center Barangay Uno Crossing, Calamba City T: (049) 545-0568 • 545-0338 F: (049) 545-0348 CAVITE PEZA G/F Red Ribbon Bldg., Bacao By-Pass Road Bacao, Gen. Trias, Cavite T: (046) 437-0066 • 437-2871 CEBU Lianting Center, Pres. Sergio Osmena Blvd. cor. F. Gonzales St., Cebu City T: (032) 412-8700 • 414-6600 • 256-1319 F: (032) 414-8500 CEBU-MANGO Dyno Finance Center, Juana Osmeña cor. J. Llorente St., Cebu City T: (032) 254-3106 • 412-4475 F: (032) 253-7686
GENERAL SANTOS G/F Belinda Enterprises Irineo Santiago Boulevard General Santos City 9500 T: (083) 552-8801 • 552-8803 F: (083) 552-8802 ILOILO J.T. Ong Bun Bldg. Ledesma St., Iloilo City T: (033) 509-7008 • 335-1687 335-1688 F: (033) 335-1688 IMUS Km. 21 Gen. E. Aguinaldo Hi-way Bayan Luma, Imus, Cavite T: (046) 571-1576 • 471-8219 571-1575 • 471-8250 F: (046) 571-1575 legazpi city G/F Enterprise Bldg. Circumferential Road Governor Imperial Street, Legazpi City T: (052) 480-2736 • 480-2734 F: (052) 480-2735 LIPA B. Morada Ave., Lipa City, Batangas T: (043) 756-1150 •756-1507 • 312-1121 F: (043) 756-1150 • 756-1507
NAGA G/F, Nagaland Hotel Elias Angeles St., Naga City T: (054) 473-9833 • 472-0098 • 811-2100 SAN FERNANDO G/F, Philhealth Bldg., 168 Lazatin Blvd. Dolores, San Fernando, Pampanga T: (045) 861-4781 • 963-7988 • 963-7998 F: (045) 963-7998 STA. MARIA - BULACAN F. Santiago St., Poblacion, Sta. Maria, Bulacan T: (044) 641-4439• 641-4240 • 641-4605 F: (044) 815-4599 STA. ROSA LVC Bldg., Laguna Boulevard Brgy. Don Jose, Sta. Rosa City T: (049) 5440465-66 • 8511801 (02) 638-6888 local 427 F: (049) 544-0466 TARLAC US Bldg., MacArthur Highway Tarlac City T: (045) 491-0701 • 491-0702 491-0896 F: (045) 491-0701 ZAMBOANGA AUB Bldg., Nuñez Avenue Ext. Camino Nuevo, Zamboanga City Zamboanga del Sur T: (062) 991-6934 • 991-5447 991-6133
ASIA UNITED BANK 2009 ANNUAL REPORT
ANGELES 1276 Miranda St., Angeles City T: (045) 887-2710 • 625-9331 F: (045) 625-9337
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PROVINCIAL
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ASIA UNITED BANK 2009 ANNUAL REPORT