Former CJ named Union Bank director

MANILA, Philippines - Former Supreme Court Chief Justice Reynato Puno will be  joining  the board of  Aboitiz-led Union Bank of the Philippines next year.

Puno will be named an independent director of Union Bank in January next year following clearance from the Bangko Sentral ng Pilipinas.

BSP clearance was sought for Puno’s nomination based on DOSRI (directors, officers, stockholders/related interests) regulations as the former SC Chief Justice is also an independent director of diversifying conglomerate San Miguel Corp.

Puno was elected as an independent director SMC  in January 2011.

Puno served as the Chief Justice of the Supreme Court from December 2006 until he retired on May 17, 2010.

Union Bank is projecting to post a higher net income this year of P7. 5 billion, P1 billion higher than its net income in 2011 of P6.5 billion on the back of strong treasury operations.

Vic Valdepeñas heads the treasury operations of Union Bank.

Union Bank has been able to grow profitably over the past four years, starting in 2008 with a net income of P2.068 billion that more than doubled in 2009 to P4.325 billion, rising further to P5.353 billion in 2010 and climbing  to P6.595 billion in 2011.