UnionBank

UnionBank is a universal bank of the Philippines and the 9th largest with ₱986,549 million in assets. It was established in 1968 in Manila and it has been receiving awards for its services since 2009. In 2023 received the Best Bank in the Philippines award by the Euromoney Real Estate Awards, among many others. They are known for being innovative and being the first in the country to offer new services to clients.

UnionBank’s Products

UnionBank has a complete suite of products that cater to the needs of consumers, small and medium businesses, and corporations. For consumers, the range of products includes:

• Accounts: UnionBank has several options for checking and savings accounts, plus an online account. Both the regular checking and savings accounts require an initial deposit of ₱10.000 and the savings account has a 0.10% interest rate. Other options include a Power Checking account and savings accounts in dollars and other currencies. 

• Credit Cards: they offer a variety of VISA credit cards, ranging from travel ones that accumulate miles to charity ones that donate a portion of the money to specific causes. There is a different card for each of the typical credit card perks like rewards or cashback. 

• Loans: they lend money for individuals up to ₱2,000,000, and also offer mortgage loans up to 60% of the value of the property, and car loans. 

• Foreclosed Assets: the bank has for sale a variety of properties that were collateral for unpaid loans. Clients can check the information and photos of commercial, agricultural, industrial, and residential properties, and contact the bank about any one they are interested in. 

• Insurance: UnionBank offers a variety of options like life, home, car, and pet insurance. 

• Investing: they have options for managing clients’ wealth by investing in both government securities and company shares. These products are aimed at clients with a higher income. 

UnionBank’s History

UnionBank was founded in 1968 as Union Savings and Mortgage Bank. 1992 was crucial since 3 important events happened that year:

• Their shares were listed on the Philippine Stock Exchange (PSE)

• Received the license to operate as a Universal bank in the Philippines

• Changed their name to Union Bank of the Philippines (UBP)

After that, UnionBank performed a series of mergers and acquisitions starting in 1993, when they merged with the International Corporate Bank. In 2006 they merged with the International Exchange Bank and in 2013, acquired the City Savings Bank. Finally, in 2021 they acquired Citibank Philippines from Citigroup, an American multinational corporation.

2021 was also the year when the Central Bank of the Philippines granted them one of the only 6 licenses to open a digital bank. In 2022, the Union Digital Bank was established after receiving the Certificate of Authority to Operate. Both banks operated separately for a while, but in 2023 UnionBank absorbed Union Digital Bank and became one again.

In 2019 UnionBank was the first in the Philippines to launch a stablecoin, named PHX. Shortly after, they made crypto ATMs available to withdraw cash from crypto wallets. In 2023 they acquired a full VASP Crypto Exchange license to be able to offer crypto trading services to their clients in the mobile app.