EXECUTIVES of Aboitiz Equity Ventures, Inc. (AEV) and Union Bank of the Philippines (UBP) will be trading roles as part of the Aboitiz group’s transformation into becoming the country’s first “techglomerate.”
In a press release on Thursday, the firm said that AEV Senior Vice-President and Chief Financial Officer Manuel R. Lozano and UBP Senior Executive Vice President, Treasurer and Head of Global Markets Jose Emmanuel U. Hilado will be trading roles effective next year.
Recently, UBP hired a new treasurer and global markets head to replace incumbent Mr. Hilado beginning Oct. 1, 2022.
Mr. Hilado will then assume the role of UBP’s chief financial officer until Dec. 31, 2022, after which he will transfer to AEV, the firm said.
As he assumes Mr. Lozano’s position, Mr. Hilado will oversee AEV’s treasury, tax advisory and compliance services, finance, accounting and business support, investor relations, and legal and compliance.
Meanwhile, Mr. Lozano will oversee UBP units such as controllership, corporate accounting, tax and insurance, management information system, finance, corporate planning and investor relations, remedial management and asset recovery, business services, and wholesale credit review.
AEV said that as UBP’s chief financial officer, Mr. Lozano will supervise the bank’s finance unit and serve as the chief financial spokesperson for the organization.
“He will be a key player in crafting and implementing the bank’s business strategies as well as working hand in hand with the business units to ensure consistent and superior operating performance,” the firm said.
AEV said that Mr. Lozano will directly report to UBP President and Chief Executive Officer Edwin R. Bautista “with regard to all strategic and tactical matters as they relate to corporate portfolio strategy and capital allocation, budget management, balance sheet management, and tax optimization.”
AEV is the public holding company of the Aboitiz group with major investments in power, banking and financial services, food, infrastructure, and land.
On Thursday, shares in AEV climbed by P1.70 or 3.08% to P56.90 each, while shares in UBP lost P1 or 1.22% to P80.95 apiece. — Justine Irish D. Tabile