Union Bank of the Philippines more commonly known as UnionBank, is one of the largest banks in the Philippines, ranking seventh in terms of assets after its successful merger with smaller competitor International Exchange Bank. 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.
UnionBank is a Philippine universal bank. Today multiple channels are available for transaction and information access: nationwide branch network, on-site and off-site automated teller machines, a call center and Internet bank.
In strategic business, the bank is a provider of corporate cash management & B2B solutions to leading local and multinational companies operating in the country. Its other lines of business are in Treasury services & capital markets, Internet banking, consumer finance and distribution network.
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).
On January 8, 2013, UnionBank's Board of Directors approved the purchase of City Savings Bank (CitySavings) from Aboitiz Equity Ventures (UnionBank's largest shareholder) and Pilmico Foods Corporation.
Subsidiaries and Affiliates
UnionBank is divided into the following subsidiaries and affiliates:
- City Savings Bank
- First Union Direct
- First Union Plans
- UBP Capital Corporation
- Union Properties
Board of Directors
The following people were elected to the Board of Directors for the year 2013-2014 term:
- Justo A. Ortiz, Chairman & CEO
- Jon Ramon Aboitiz, Vice-Chairman
- Vincente R. Ayllon, Vice-Chairman
- Victor B. Valdepenas, President & COO
- Erramon I. Aboitiz, Director
- Iker M. Aboitiz, Director
- Stephen G. Paradies, Director
- Juan Antonio E. Bernad, Director
- Sabin M. Aboitiz, Director
- Mayo Jose B. Ongsingco, Director
- Emilio S. De Quiros, Jun., Director
- Armand F. Braun, Jun., Independent Director
- Carlos P. Raymond, Jun., Independent Director
- Reynato Puno, Independent Director
Ownership
- Aboitiz Group of Companies: 49.629%
- Social Security System: 26.87%
- Insular Life: 18.75%
- Public stock: 4.751%
Firsts
UnionBank is known for some notable firsts in the Philippine banking industry, which are listed below:
- UnionBank started the Philippines's first bank website
- UnionBank pioneered online banking in the Philippines
- UnionBank also started the Philippines's first electronic savings account, the EON Cyber Account. The EON program also brought the advent of electronic checking in the Philippines.
- It currently carries the first ATM card brand (eon) in the country that is recognized and usable by PayPal. It also has minimal maintenance requirements.
See also
- International Exchange Bank
- Land Bank of the Philippines
- List of Philippine companies
- MegaLink (the UnionBank ATM network)
References
External links
- UnionBank Website
- UnionBank Google Map
Interesting Informations
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