UnionBank (Philippines)

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 and 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).Maricel E Burgonio, "UnionBank Eyes Bank Acquisitions; iBank Denies Any Offer", Manila Times, May 4, 2006.

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

On December 23, 2021, it struck an agreement to acquire the consumer banking operations of Citibank Philippines from Citigroup for . The deal was closed effective 1 August 2022.

Opening of UnionDigital

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.

On July 12, 2022, the Bangko Sentral ng Pilipinas granted UnionDigital the Certificate of Authority to Operate. It commenced operations on July 18 as UnionDigital Bank Inc. 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.

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.

In January 2022, there were reports confirming that UnionBank plans to launch crypto trading and custodial services. 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.

Change of leadership

In June 2024, Edwin Bautista, stepped down from his position as President and Chief Executive Officer (CEO) of UnionBank and was to be replaced by the bank's Senior Vice President, Ana Maria Aboitiz Delgado, beginning January 1, 2025.

Subsidiaries and Affiliates

UnionBank is divided into the following subsidiaries and affiliates:

• Citicorp Financial Services and Insurance Brokerage Philippines Inc.
• CitySavings
• First Union Direct
• First Union Plans
• UBP Capital Corporation
• Union Properties
• UBX Philippines, Inc.
• UnionDigital Bank

Ownership

• Aboitiz Equity Ventures: 49.31%
• Social Security System: 18.91%
• Insular Life Assurance Co., Ltd.: 16.32%
• Others: 15.46%

References

References

1. (June 29, 2024). "Aboitiz heiress named UnionBank president". philstar.com.
2. (October 2025). "Experience the Future of Banking with UnionBank of the Philippines}}{{Dead link".
3. (September 30, 2021). "Ranking as to Total Assets: Universal and Commercial Bank Group".
4. (January 19, 2022). "UnionBank at 40: Future Forward, a leap to enduring greatness". inquirer.net.
5. [https://web.archive.org/web/20140610224039/http://www.highbeam.com/doc/1G1-146522759.html "Unionbank to sign iBank acquisition deal Monday"], ''[[Manila Bulletin]]'', June 2, 2006.
6. (February 7, 2013). "Union Bank taking over CitySavings Bank". Inquirer.net.
7. (December 23, 2021). "Citi Announces Agreement to Sell Philippines Consumer Bank to UnionBank of the Philippines". citigroup.com.
8. (December 23, 2021). "Edging out rivals, UnionBank to acquire Citi's local consumer banking business". The Philippine Star.
9. (December 22, 2021). "Citi Announces Agreement to Sell Philippines Consumer Bank to UnionBank of the Philippines". businesswire.com.
10. (December 23, 2021). "UnionBank acquires Citigroup's Philippine consumer banking business". news.abs-cbn.com.
11. (December 23, 2021). "UnionBank approves acquisition of Citibank PH branch". yugatech.com.
12. (December 23, 2021). "Citigroup sells consumer bank in Philippines to Unionbank". Reuters.
13. (December 26, 2021). "UnionBank eyes 'Top 3' slot in credit card business". mb.com.ph.
14. Lucas, Daxim L.. (August 19, 2021). "In surprise move, BSP sets 3-year moratorium on new digital banking licenses". The [[Philippine Daily Inquirer]].
15. (August 11, 2021). "UnionBank's digital bank will be ready mid 2022".
16. Agcaoli, Lawrence. (July 15, 2022). "UnionDigital Bank gets go-signal to operate". The Philippine Star.
17. Cordero, Ted. (July 19, 2022). "UnionBank commences ops of digital banking unit".
18. (November 3, 2022). "Aboitiz rebrands EON bank to UnionDigital". bilyonaryo.com.
19. (November 7, 2022). "UnionDigital may end 2022 with P 4.8-B loan book". inquirer.net.
20. (January 21, 2022). "UnionBank of the Philippines to launch crypto services".
21. "UnionBank of the Philippines Selects METACO and IBM to Orchestrate its Digital Asset Custody Operations".
22. (July 20, 2022). "BSP gives UnionBank green light to take over Citi's PH consumer business". gmanetwork.com.
23. "About UBX".
24. "About UnionDigital Bank".
25. "Home Page {{!}} UnionBank of the Philippines".