Unionbank (Philippines)

The Union Bank of the Philippines, Inc., more commonly known as UnionBank, is one of the Universal Banks in the Philippines.

Union Bank of the Philippines
FormerlyUnion Savings and Mortgage Bank
TypePublic
PSE: UBP
IndustryFinance and Insurance
FoundedAugust 16, 1968 (1968-08-16) in Manila, Philippines
Headquarters
UnionBank Plaza, Ortigas Center, Pasig
,
Philippines
Area served
Philippines
Key people
  • Erramon I. Aboitiz (Chairman)
  • Dr. Justo A. Ortiz (Vice Chairman)
  • Edwin R. Bautista (President and CEO)
ProductsDigital banking
Consumer banking
Commercial Banking
Mutual Funds
Insurance
Private Banking
Credit Cards
RevenueP38.58 Billion PHP (2020)
P11.55 Billion PHP (2020)
Total assetsP774.46 Billion PHP (2020)
Number of employees
3,525 (2020)
Capital ratioTier 1 13.2% (2019)[1]
Websitewww.unionbankph.com
A UnionBank branch in Binondo, Manila

UnionBank is a joint consortium among the Aboitiz Group, Insular Life and Social Security System. It started operations in 1981 and became a commercial bank on January 19, 1982. In July 1992, UnionBank was granted the license to operate as a universal bank.

History

Founding

The bank was originally incorporated as “Union Savings and Mortgage Bank” on August 16, 1968. After the initial public offering the bank's shares were listed at the Philippine Stock Exchange (PSE) on June 29, 1992.

Licensing as universal bank

On July 15, 1992, the bank was granted the license to operate as a universal bank in the Philippines and the bank was changed its current name to Union Bank of the Philippines (UBP).

Mergers and acquisitions

In 1993, UnionBank merged with International Corporate Bank ("Interbank") and in 2006 another merger with International Exchange Bank ("iBank") followed (after first being denied by iBank).[2][3]

In 2013, UnionBank acquired City Savings Bank, making City Savings Bank a 100% UnionBank subsidiary.[4]

Opening of UnionDigital
See also: Digital banks in the Philippines

In 2021, UnionBank was one of only six applicants licensed by the Bangko Sentral ng Pilipinas to open a digital bank, prior to its announcement of a three-year moratorium on digital bank licenses. This means that UnionBank's new Digital Bank, known as Union Digital Bank (UnionDigital) will be one of only six digtal banks in the Philippines for at least three years, alongside Overseas Filipino Bank, Tonik Digital Bank, UNObank, GOtyme, and Maya Bank.[5][6]

Subsidiaries and Affiliates

UnionBank is divided into the following subsidiaries and affiliates:

  • City Savings Bank
  • First Union Direct
  • First Union Plans
  • UBP Capital Corporation
  • Union Properties
  • UBX Philippines, Inc.[7]

Ownership

See also

References
  1. "Home Page | UnionBank of the Philippines". unionbankph.com.
  2. | Maricel E Burgonio, "UnionBank Eyes Bank Acquisitions; iBank Denies Any Offer", Manila Times, May 4, 2006  – via HighBeam Research (subscription required) .
  3. "Unionbank to sign iBank acquisition deal Monday", Manila Bulletin, June 2, 2006  – via HighBeam Research (subscription required) .
  4. "Union Bank taking over CitySavings Bank". Inquirer.net. February 7, 2013. Retrieved February 7, 2013.
  5. Lucas, Daxim L. (2021-08-19). "In surprise move, BSP sets 3-year moratorium on new digital banking licenses". The Philippine Daily Inquirer. Retrieved 2021-11-03.
  6. "UnionBank's digital bank will be ready mid 2022". 2021-08-11. Retrieved 2021-11-03.
  7. "About UBX". ubx.ph.
  8. "Home Page | UnionBank of the Philippines". unionbankph.com. Retrieved 2021-01-04.

https://online.unionbankph.com/ucore/img/rebrand/logo-black.png

  1. https://www.bsp.gov.ph/Statistics/Financial%20Statements/Commercial/assets.aspx
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