Aboitiz buys Union Bank shares

MANILA, Philippines - Aboitiz Equity Ventures Inc. (AEV), which holds the business interests of the Aboitiz family, has bought more than P100-million worth of shares of its banking arm, Union Bank of the Philippines. AEV told the Philippine Stock Exchange that it bought 5,409,400 common shares of UBP at P20 each. UBP has earlier reported that its net income for 2008 dipped to P2.1 billion from P2.9 billion in 2007. The bank's earnings were boosted by the 67.8-percent improvement in its loan portfolio to P90.5 billion. From the loan portfolio it was able to realize 39.5-percent growth in net interest income to P5.1 billion. - GMANews.TV