Money

Rebisco heir Jacob Ng forks out P90M for Asia United Bank

The youngest son of bilyonaryo Jacinto Ng is loading up his personal stake in his family’s bank shortly after getting a promotion.

The youngest son of bilyonaryo Jacinto Ng is loading up his personal stake in his family’s bank shortly after getting a promotion.

Jacob C. Ng bought P90 million worth of Asia United Bank shares on August 12 and 20 at P45 to P45.75 each.

Jacob increased his stake in AUB to 1.975 million shares or .407 percent of the bank from only 9,450 shares in July.

Jacob, who grew up counting the bills that went into the pay slip of workers in the Novaliches factory of Republic Biscuit Corp. (Rebisco), was promoted executive vice president.

Jacob is now AUB head of bank branching on top of his long-time role as chief transformation officer.

Rebisco owns 33 percent of AUB with partners Lambda Holdings Corp. (15 percent), and Kuo Yu Philippines Holdings Corp. (18.54 percent).

AUB is the tenth biggest private bank in the country in terms of assets.

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