Unionbank (Philippines)

The Union Bank of the Philippines, Inc., more commonly known as UnionBank, is one of the largest Universal Banks in the Philippines, recognized as one of Asia’s leading companies in banking and finance, ranking among the Philippines’ top 10 universal banks in terms of key performance ratios in profitability, liquidity, solvency and efficiency. It is one of the most stable Philippine banks and is the host bank of the E-Card accounts of the members of the Government Service Insurance System (GSIS).

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
Meralco Avenue cor. Onyx Drive, 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
RevenueP38.4 Billion PHP (30.42%) (2019)
P14 Billion PHP (67%) (2019)
Total assetsP770.8 Billion PHP [1]
Number of employees
3,525 (2020)
Capital ratioTier 1 13.2% (2019)[2]
Websitewww.unionbankph.com

UnionBank embraces the future of banking and is committed to be the Philippines’ leading digital bank to best serve the growing needs of Filipinos everywhere. The Bank has always been among the first to embrace technological innovations to empower its customers.

Recently, UnionBank garnered a record-breaking number of awards and recognition in the past three years including “Asia’s Best Bank Transformation” from Euromoney; back-to-back "Best Digital Bank Philippines" from Asiamoney; back-to-back "Digital Bank of the Year Philippines" from The Asset Triple A Awards; Digital Transformer of the Year Philippines" from IDC's DX Awards Philippines; "Bank of the Year Philippines" from International Investors Business Awards; "Best Universal Bank" from Capital Finance International; "Domestic Retail Bank of the Year Philippines" from Asian Banking & Finance; "Gold - Employer of the Year (Banking)" from Stevie Awards for Great Employers; "Bronze - Employer of the Year in Asia" and "SME Bank of the Year - Philippines" from the Asian Banking and Finance; "Best Companies to Work for in Asia" from HR Asia; "Best Digital Bank" from The Asian Banker; "Most Innovative Cash Management Services Bank Philippines" from Global Banking and Finance Review; "Champion - Best Bank in Digital Financial Inclusion" from Bankers Institute of the Philippines; "Top PESONet Volume Contributor" at the BSP Stakeholders Awards Ceremony 2019; and most recently, recognized as one of the “Most Helpful Banks in Asia Pacific during the COVID-19 pandemic” by BankQuality.com; and “Bank of the Year 2020 Philippines” by The Banker.

UnionBank is a partnership 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

The bank was originally incorporated as “Union Savings and Mortgage Bank” on August 16, 1968. After the initial public offering UnionBank's shares were listed at the Philippine Stock Exchange (PSE) on June 29, 1992. On July 15, 1992 the bank was granted the license to operate as a universal bank in the Philippines.

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).[3][4]

Subsidiaries and Affiliates

UnionBank is divided into the following subsidiaries and affiliates:

  • CitySavings Bank
  • First Union Direct
  • First Union Plans
  • UBP Capital Corporation
  • Union Properties
  • UBX Philippines, Inc.[5]

Ownership

See also

References
  1. "Assets". www.bsp.gov.ph. Retrieved 2020-08-19.
  2. "Home Page | UnionBank of the Philippines". unionbankph.com.
  3. | Maricel E Burgonio, "UnionBank Eyes Bank Acquisitions; iBank Denies Any Offer", Manila Times, May 4, 2006  – via HighBeam Research (subscription required) .
  4. "Unionbank to sign iBank acquisition deal Monday", Manila Bulletin, June 2, 2006  – via HighBeam Research (subscription required) .
  5. "About UBX". ubx.ph.
  6. "Home Page | UnionBank of the Philippines". unionbankph.com. Retrieved 2021-01-04.
  1. http://www.bsp.gov.ph/banking/psoc/by_ranks/assets.htm
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