UnionBank Of The Philippines (PSE: UBP), Commonly Known As UnionBank, Is One Of The Universal Banks In The Philippines And The Ninth Largest Bank In The Country By Assets.
UnionBank Is A Consortium Of Aboitiz Group, Insular Life And Social Security System. It Began Operations In 1981 And Became A Commercial Bank On January 19, 1982. In July 1992, UnionBank Was Granted A License To Operate As A Universal Bank.
History
Established
The Bank Was Originally Registered As A "United Savings And Mortgage Bank" On August 16, 1968. Following The Initial Public Offering, The Bank's Shares Were Listed On The Philippine Stock Exchange (PSE) On June 29, 1992.
License To Operate As A Universal Bank
On July 15, 1992, The Bank Was Granted A License To Operate As A Universal Bank In The Philippines, And The Bank Was Renamed United Bank Of The Philippines (UBP).
M & A
In 1993, Union Bank Merged With International Corporate Bank ("Interbank"), And In 2006, Merged Again With International Foreign Exchange Bank ("iBank") (initially Rejected By IBank).
In 2013, Union Bank Acquired City Savings Bank, Making City Savings Bank A 100% Subsidiary Of Union Bank And Integrating The Banking Division Of The Aboitiz Group.
On December 23, 2021, Union Bank Acquired Citibank Philippines From Citigroup For 55 Billion Pesos. Union Bank Is The Surviving Entity Of The Above Merger. The Transaction Is Completed And The Ownership Of The Personal Banking Business Of Citibank Philippines Is Transferred To Union Bank On August 1, 2022.
UnionDigital Opens
Смотритетакже： Digital Bank In The Philippines
In 2021, UnionDigital Is One Of Only Six Applicants For A License From The Central Bank Of The Philippines (Bangko Sentral Ng Pilipinas) To Open A Digital Bank, After The Bank Announced A Three-year Suspension Of Its Digital Banking License. This Means That UnionDigital's New Digital Bank, UnionDigital, Will Be One Of Only Six Digital Banks In The Philippines For At Least Three Years, Along With Philippine Overseas Bank, Tonik Digital Bank, UNObank, GOtyme And Maya Bank.
On July 12, 2022, The Central Bank Of The Philippines Granted UnionDigital A License To Operate. [16] It Began Operations As UnionDigital Bank Inc. On July 18. [17] In November Of The Same Year, UnionBank's Digital Banking Arm, EON, Merged Its Operations With UnionDigital Bank. However, UnionDigital Bank Continued To Offer Its Customers Existing EON Products And Services After The Transition Period Until May 31, 2023.
Launches Crypto Services
UnionBank Is One Of The First Financial Institution Groups In The Philippines To Adopt Cryptocurrencies And The First Local Lender To Release Its Own Stablecoin PHX In 2019, Making It Easier For Rural Banks To Access Remittances And Payments. In 2019, The Bank Also Launched Crypto ATMs, Allowing Its Account Holders With Crypto Wallets To Withdraw Cash Converted From Crypto As Well As Trade On The Spot.
In January 2022, Reports Confirmed That UnionBank Plans To Launch Crypto Trading And Custody Services. On January 20, 2022, METACO Issued A Press Release Announcing That Its Digital Asset Custody Solution Would Be Used To Manage The Bank's Crypto Assets.
Subsidiaries And Affiliates
Union Bank Is Divided Into The Following Subsidiaries And Affiliates:
- Citigroup Financial Services And Insurance Brokerage Philippines Inc.
- Urban Savings
- First Union Direct
- First Union Program
- United Bank Capital Corporation
- United Properties
- UnionDigital Bank
- Bank On Wheels
Ownership
- Aboitiz Equity Ventures: 49.31%
- Social Security System: 18.91%
- Insular Life Assurance Co., Ltd.: 16.32%
- Others: 15.46%
