name and backgroundFull
name: Union Bank of the Philippines, Inc.
Founded: August 16, 1968, originally registered as "Union Savings and Mortgage Bank", began operations in 1981, and became a commercial bank on January 19, 1982 On July 15, 1992, it was approved as a general bank.
Headquarters location: UnionBank Plaza, Meralco Avenue, Pasig City, Philippines.
Shareholder Background: UnionBank is a publicly listed bank listed on the Philippine Stock Exchange (symbol: UBP). Major shareholders include Aboitiz Group, Insular Life, and the Philippine Social Security System, forming a joint venture structure. After the initial public offering on June 29, 1992, the bank's shares were listed on the Philippine Stock Exchange. Effective January 1, 2025, Ana Maria Aboitiz Delgado will serve as President and CEO, succeeding Edwin Bautista.
Coverage Area
: UnionBank serves the entire Philippines, covering major cities such as Metro Manila, Cebu, Davao, etc., and provides regional services through subsidiaries and digital platforms. Banks support cross-border transactions through international payment networks (e.g., Visa, Mastercard), but do not have overseas physical branches.
Number of offline branches: As of 2024, UnionBank and its subsidiaries (such as City Savings Bank) operate about 300 branches across the country, covering urban and some rural areas.
ATM distribution: The number of ATMs is undisclosed, and they are widely distributed in branches, business districts, and shopping malls, supporting cash deposits and withdrawals, contactless payments, and cryptocurrency conversion (supported by some ATMs).
services and productsUnionBank
offers a wide range of financial services to individuals, businesses and institutional customers, covering traditional banking and digital solutions:
Personal banking: Savings accounts, checking accounts, fixed deposits, personal loans, car loans, mortgages, credit cards (Visa, Mastercard), debit cards, and prepaid cards are available. Featured services include digital deposit and loan products through UnionDigital Bank, targeting young users and the unbanked.
Corporate Banking: Commercial loans, trade finance (letters of credit, guarantees), cash management, payroll programs, and foreign exchange services for SMEs, large corporates, and institutional clients. Banks support infrastructure projects through Corporate Banking, and Institutional Banking serves governments and large corporations.
Digital Bank: Offering retail financial products, including digital deposits, micro-loans, and payment services, with a focus on financial inclusion through UnionDigital Bank. UnionBank launched PHX, the first stablecoin in the Philippines, in 2019 to support remittances and payments from rural banks.
Investment & Wealth Management: Unit Investment Trusts (UITFs), investment management and estate planning services through UnionBank Trust.
other services: including insurance brokerage (through Citicorp Financial Services), supply chain finance, and cryptocurrency trading services (such as crypto trading and custody services planned for 2022).
regulatory and compliance
Regulator: UnionBank is regulated by Bangko Sentral ng Pilipinas (BSP) and follows the Philippine Banking Act and international standards such as Basel. Its subsidiary, UnionDigital Bank, holds a digital banking license issued by BSP.
Deposit Insurance Program: UnionBank participates in the Philippine Deposit Insurance Corporation (PDIC) deposit insurance program, which covers up to PHP500,000 (approximately US$9,000) per depositor.
recent compliance record: UnionBank's compliance record is generally good, with no major violations. In 2021, the bank became one of the first six institutions to be granted a digital banking license by the BSP, demonstrating its compliance capabilities.
financial health
UnionBank ranks 9th among the Philippine banking sector with the following key indicators (based on the latest data):
Non-performing loan ratio (NPL): 2024 data is not disclosed, and it is about 1% in 2016, which is lower than the industry average and reflects a prudent lending policy.
Liquidity Coverage Ratio (LCR): 2024 data is not publicly available, expected to be 100% above regulatory requirements, maintaining sufficient liquidity through diversified deposits (revenue of $1.28 billion as of September 30, 2024).
On September 30, 2024, UnionBank posted revenue of $1.28 billion and a market capitalization of $1.96 billion for the trailing 12 months, indicating a sound financial position.
> Capital adequacy ratio (CAR): 15.7% in 2016, It is well above the BSP requirement of 10%, indicating a robust capital buffer.
digital service experience<
span style="font-size: inherit">App & Online Banking: The UnionBank Online mobile app and online banking (online.unionbankph.com) have a rating of around 4.5 stars (Google Play and App Store, out of 5 stars) and are widely praised for their intuitive interface and innovative features. UnionBank has won the "Best Mobile Banking App" award from The Asian Banker several times.
core features:
Real-time transfers: supports domestic and international transfers, provides real-time services through the SWIFT system (code not disclosed) and InstaPay.
bill management: supports paying utility bills, mobile phone recharges, and credit card bills, and provides transaction history query.
Investment Instrument Integration: Support UITF and securities trading through UnionBank Online, covering the Philippine Stock Exchange.
> face recognition: Support face recognition and fingerprint login, and cooperate with Onfido to achieve remote authentication.
technical innovation:
Open Banking API: Supports open banking APIs, integrates with fintech companies, and provides customized services.
cryptocurrency service: Launched crypto ATM in 2019 to support cryptocurrency exchange for cash, and in 2022, partnered with METACO to launch crypto trading and custody services.
> AI customer service : Provide AI-powered chatbots to handle common queries and improve customer experience.
customer service
UnionBank offers multi-channel customer support with a focus on digital and personalized service:
Phone: Customer Hotline +632-841-8600 for round-the-clock support.
email: Submit an inquiry through the official website (customercare@unionbankph.com).
Live chat: UnionBank Online and mobile apps provide live chat capabilities to respond quickly to customer needs.
branch services: about 300 branches provide face-to-face consultations, working hours from Monday to Friday from 9:00 to 15:00, with some branches extended to 17:00.
security measures<
span style="font-size: inherit">UnionBank uses a multi-layered security mechanism to ensure the security of customer data and transactions:
Anti-Money Laundering & Anti-Fraud: Comply with BSP's AML/CFT requirements, monitor suspicious transactions in real time, and conduct regular risk assessments.
transaction security: A one-time verification code is required for large-value transfers to reduce the risk of unauthorized transactions.
Physical security: Branches and ATMs are equipped with surveillance systems and security personnel.
> cybersecurity: Uses 256-bit SSL encryption, multi-factor authentication (password + OTP verification code), and complies with SOC 2 Type II and ISO 27001 standards. Partner with Palo Alto Networks to provide real-time threat intelligence and firewall protection.
featured services and differentiations<
span style="font-size: inherit">UnionBank is unique among the Philippine banking industry with its digital innovation and financial inclusion:
Crypto Pioneer: Launched the Philippines' first stablecoin PHX and crypto ATM in 2019, and plans to launch crypto trading services in 2022, leading the Philippine banking industry into the blockchain space.
Financial Inclusion: Supporting SMEs and the unbanked through micro-loans and digital platforms, working with governments to drive PhilSys national ID integration.
sustainability: partnering with Tesla to promote EV financing, integrating asset management with ATRAM Group, supporting green finance and women's entrepreneurship.
employee culture: Awarded a "Best Place to Work" for multiple years in a row, and in 2024 it won the Marketech APAC "Marketing Team of the Year" award, highlighting its innovative and customer-oriented culture.
> digital banking leader: through UnionDigital In 2021, the Bank was granted a BSP digital bank license to become one of the six digital banks.
summary
Union Bank of the Philippines is a joint venture commercial bank founded in 1968 and headquartered in Passy City, Philippines, and is the ninth largest bank in the Philippines. Jointly owned by Aboitiz Group, Insular Life and Social Security System, the bank is listed on the Philippine Stock Exchange and operates approximately 300 branches, with nationwide services and digital platforms to support cross-border transactions. UnionBank provides personal loans, credit cards, corporate finance and investment services, promotes financial inclusion through UnionDigital Bank, is regulated by the Bangko Sentral ng Pilipinas (BSP), participates in the deposit insurance program, and has a proven track record of compliance. Its financial health is solid, with a capital adequacy ratio of 15.7% in 2016 and revenue of $1.28 billion in 2024. The UnionBank Online app has a 4.5-star rating, supports facial recognition and real-time transfers, and technological innovations include AI customer service, open banking APIs, and cryptocurrency services. Customer support is provided via phone, mail, and live chat, and security measures are in line with international standards. With its digital banking leadership, cryptocurrency innovation, and financial inclusion, UnionBank is a benchmark for the Philippine banking industry, making it a trusted choice for customers looking for modern and sustainable financial services.
