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UnionBank (Philippines)

For other uses, see Union Bank.
Union Bank of the Philippines
FormerlyUnion Savings and Mortgage Bank
Company typePublic
PSE: UBP
IndustryFinance and Insurance
FoundedAugust 16, 1968; 56 years ago (1968-08-16) in Manila, Philippines
Headquarters
UnionBank Plaza, Ortigas Center, Pasig
,
Philippines
Area served
Philippines
Key people
ProductsDigital banking
Consumer banking
Commercial Banking
Mutual Funds
Insurance
Private Banking
Credit Cards
Revenue₱38.58 billion Increase (2020)
₱11.55 billion Decrease (2020)
Total assets₱774.46 billion Increase (2020)
Number of employees
3,525 (2020)
Capital ratioTier 1 15.0% (2020)[1]
Websitewww.unionbankph.com
A UnionBank branch in Valenzuela

The Union Bank of the Philippines, Inc. (PSE: UBP), more commonly known as UnionBank, is one of the universal banks in the Philippines and the ninth largest bank in the country by assets.[2]

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).[3]

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).[4][5]

In 2013, UnionBank acquired City Savings Bank, making City Savings Bank a 100% UnionBank subsidiary and consolidating Aboitiz group's banking units.[6]

On December 23, 2021, UnionBank acquired Citibank Philippines from Citigroup for ₱55 billion, with UnionBank as the surviving entity of the said merger, the deal was closed and Consumer Banking of Citibank Philippines were transferred ownership to UnionBank effective 1 August 2022.[7][8][9][10][11][12][13]

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 digital banks in the Philippines for at least three years, alongside Overseas Filipino Bank, Tonik Digital Bank, UNObank, GOtyme, and Maya Bank.[14][15]

On July 12, 2022, the Bangko Sentral ng Pilipinas granted UnionDigital the Certificate of Authority to Operate.[16] It commenced operations on July 18 as UnionDigital Bank Inc.[17] In November of the same year, UnionBank's digital banking unit EON merged its operations with UnionDigital Bank. however, UnionDigital Bank continued its existing EON's products and services to its customers after a transition until May 31, 2023.[18][19]

Launch of crypto services

UnionBank is one of the first financial institutions in the Philippines to adopt cryptocurrency, and was the first local lender to release its own stablecoin in 2019, named PHX, which gives rural banks easier access to remittance and payments. In 2019, the bank also launched crypto ATMs that allow its account holders with crypto wallets to withdraw cash that is converted from crypto as well as trade on the spot.[20]

In January 2022, there were reports confirming that UnionBank plans to launch crypto trading and custodial services.[20] On 20 January 2022, METACO issued a press release to announce that its digital asset custody solution will be used to manage the bank’s crypto assets.[21]

Subsidiaries and Affiliates

UnionBank is divided into the following subsidiaries and affiliates:

  • Citicorp Financial Services and Insurance Brokerage Philippines Inc.[22]
  • CitySavings
  • First Union Direct
  • First Union Plans
  • UBP Capital Corporation
  • Union Properties
  • UBX Philippines, Inc.[23]
  • UnionDigital Bank[24]
Bank on Wheels

Ownership

See also

References

  1. ^ "Experience the Future of Banking with UnionBank of the Philippines". unionbankph.com.
  2. ^ "Ranking as to Total Assets: Universal and Commercial Bank Group". Bangko Sentral ng Pilipinas. September 30, 2021. Retrieved January 21, 2022.
  3. ^ "UnionBank at 40: Future Forward, a leap to enduring greatness". inquirer.net. January 19, 2022. Retrieved January 19, 2022.
  4. ^ | Maricel E Burgonio, "UnionBank Eyes Bank Acquisitions; iBank Denies Any Offer", Manila Times, May 4, 2006.
  5. ^ "Unionbank to sign iBank acquisition deal Monday", Manila Bulletin, June 2, 2006.
  6. ^ "Union Bank taking over CitySavings Bank". Inquirer.net. February 7, 2013. Retrieved February 7, 2013.
  7. ^ "Citi Announces Agreement to Sell Philippines Consumer Bank to UnionBank of the Philippines". citigroup.com. December 23, 2021. Retrieved December 23, 2021.
  8. ^ "Edging out rivals, UnionBank to acquire Citi's local consumer banking business". The Philippine Star. December 23, 2021. Retrieved December 23, 2021.
  9. ^ "Citi Announces Agreement to Sell Philippines Consumer Bank to UnionBank of the Philippines". businesswire.com. December 22, 2021. Retrieved December 22, 2021.
  10. ^ "UnionBank acquires Citigroup's Philippine consumer banking business". news.abs-cbn.com. December 23, 2021. Retrieved December 23, 2021.
  11. ^ "UnionBank approves acquisition of Citibank PH branch". yugatech.com. December 23, 2021. Retrieved December 23, 2021.
  12. ^ "Citigroup sells consumer bank in Philippines to Unionbank". Reuters. December 23, 2021. Retrieved December 23, 2021.
  13. ^ "UnionBank eyes 'Top 3' slot in credit card business". mb.com.ph. December 26, 2021. Retrieved December 26, 2021.
  14. ^ Lucas, Daxim L. (August 19, 2021). "In surprise move, BSP sets 3-year moratorium on new digital banking licenses". The Philippine Daily Inquirer. Retrieved November 3, 2021.
  15. ^ "UnionBank's digital bank will be ready mid 2022". August 11, 2021. Retrieved November 3, 2021.
  16. ^ Agcaoli, Lawrence (July 15, 2022). "UnionDigital Bank gets go-signal to operate". The Philippine Star. Retrieved July 20, 2022.
  17. ^ Cordero, Ted (July 19, 2022). "UnionBank commences ops of digital banking unit". Retrieved July 20, 2022.
  18. ^ "Aboitiz rebrands EON bank to UnionDigital". bilyonaryo.com. November 3, 2022. Retrieved November 2, 2022.
  19. ^ "UnionDigital may end 2022 with P 4.8-B loan book". inquirer.net. November 7, 2022. Retrieved November 7, 2022.
  20. ^ a b "UnionBank of the Philippines to launch crypto services". KrASIA. January 21, 2022. Retrieved January 21, 2022.
  21. ^ "UnionBank of the Philippines Selects METACO and IBM to Orchestrate its Digital Asset Custody Operations". METACO. Retrieved January 21, 2022.
  22. ^ "BSP gives UnionBank green light to take over Citi's PH consumer business". gmanetwork.com. July 20, 2022. Retrieved July 20, 2022.
  23. ^ "About UBX". ubx.ph.
  24. ^ "About UnionDigital Bank". uniondigitalbank.io.
  25. ^ "Home Page | UnionBank of the Philippines". unionbankph.com. Retrieved January 4, 2021.
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