Aboitiz-led Union Financial institution of the Philippines (UnionBank) is widely-known to have been trailblazing many firsts within the nation because it started operations forty years in the past. UnionBank has all the time been among the many first to embrace technological improvements to empower its clients into the way forward for banking. The Financial institution’s 40-year journey started with a easy imaginative and prescient: to turn out to be one of many prime three common banks within the nation with respect to market capitalization, income, and buyer protection.
UnionBank started constructing the foundations for its operations in 1981, and in only a 12 months, turned a industrial financial institution on January 19, 1982. A decade after, in 1992, the Financial institution debuted on the Manila and Makati Inventory Exchanges in June of that 12 months, and was granted a Common Banking License the month after.
In 1994, UnionBank acquired the Worldwide Company Financial institution, which marked the primary of a collection of acquisitions that may strengthen UnionBank’s capabilities to ship banking companies tailor-made to the distinctive wants of Filipino clients.
In 2006, UnionBank bought 98 % of one of many prime 20 largest banks within the nation Worldwide Alternate Financial institution (iBank), making it the seventh largest personal home industrial financial institution within the Philippines.
In 2013, consistent with a renewed thrust to allow monetary inclusion within the nation, UnionBank acquired thrift financial institution Metropolis Financial savings Financial institution. The acquisition enabled the Financial institution to increase its buyer franchise and obtain its aim of economic inclusion that can also be pushed by sustainability.
In its thrust to advertise sustainable monetary inclusion, the Financial institution entered into its first enterprise into rural banking and micro-financing by buying a majority stake within the Cebu-based First-Agro Industrial Financial institution (FairBank) in 2016.
In the identical 12 months, UnionBank launched into its radical digital transformation journey, favoring growth via digital channels over the normal opening of extra branches, whereas reinforcing its dedication to ship superior buyer expertise and making a promise that ‘nobody will get left behind’ to advertise inclusive prosperity within the Philippines.
The remaining, as they are saying, is historical past as UnionBank went full throttle on its journey and continued to attain quite a few industry-firsts, gaining the popularity because the nation’s most modern financial institution even earlier than the Filipino mass adoption of the web.
UnionBank was the primary Philippine financial institution to introduce cellular banking via wi-fi utility protocol-enabled cellphones, the primary Philippine Financial institution to launch a banking web site, first to make use of an internet cost card via EON, first to make use of a chat bot (Discuss to Rafa), first to launch its personal stablecoin (PHX), first to introduce cellular examine deposit via its award-winning app UnionBank On-line, opened The ARK—the primary totally digital financial institution department within the nation, launched UBX—the Financial institution’s fintech and company enterprise capital arm, leveraging ecosystems and knowledge to discover new prospects to make monetary companies extra instinctive and accessible, the primary Philippine financial institution to go totally on the cloud, and launched UnionDigital changing into the primary publicly listed Philippine financial institution with a digital banking license.
Capping off the 12 months 2021, UnionBank shocked the nation with the announcement of a game-changing deal to accumulate the patron banking enterprise of American banking large Citi within the Philippines. Seen as the biggest transaction within the native banking neighborhood lately, UnionBank Chairman Erramon Isidro M. Aboitiz stated, “This acquisition additional cements our place as a number one financial institution within the Philippines, in addition to fast-tracks our progress aspirations within the retail banking phase.”
At this time because it ushers in its 40th 12 months, UnionBank is globally-recognized by Worldwide Banker journal as “already an unequivocal digital trailblazer in each the Philippines and Southeast Asia”, named ‘Asia Trailblazer Establishment of the Yr’ by Retail Banker Worldwide, and ‘Greatest Financial institution for Buyer Expertise in Southeast Asia’ from International Manufacturers Journal, amongst many different worldwide recognitions.
“Our success right this moment has been a product of trying forward into the long run and getting ready for the evolution of banking. We’ll proceed to assist ‘tech up’ clients, companions, establishments consistent with our ‘Tech Up, Pilipinas’ aspiration, empowering all of us to climate this pandemic and emerge extra resilient than ever. Collectively, we could be future ahead and leap to being a financial institution of tolerating greatness,” stated UnionBank President and CEO Edwin R. Bautista.
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