(), more commonly known as '''UnionBank''', is one of the largest
Bank s 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 was formed as a government-owned
Commercial Bank on
January 19 ,
1982 , the result of a merger between
Union Savings And Mortgage Bank and
Bancom Development Corporation , one of the leading
Development Bank s in the Philippines at the time and the parent of Union Savings and Mortgage. Starting in
1988 , UnionBank was gradually privitized, with the
Aboitiz Group Of Companies acquiring 40% of UnionBank stock in the same year from
Land Bank Of The Philippines . In
1990 ,
Insular Life Assurance Company and the
Ramcar Group took 20% and 10% of the company, respectively. In July
1992 , UnionBank had a successful
IPO on the
Philippine Stock Exchange .
In
1994 , UnionBank successfully acquired
International Corporate Bank (Interbank), a medium-sized
Commercial Bank and one of the founding members of the
BancNet ATM consortium (UnionBank is a member of
MegaLink ). A year before, UnionBank announced its intentions to be one of the five largest banks in the Philippines by
2000 , and successfully reached this goal in
1999 , a year ahead of schedule. It was also in this year that UnionBank was hailed for its advances in electronic banking.
Today, UnionBank is known for technological and banking advances, its discipline in the use of its financial resources, and its adaptation of a new
Business Model , orienting itself more on the market focus and differentiation strategy as opposed to the traditional size and branch presence model which is commonly found among the business models of domestic banks.
In May 2006, UnionBank announced its intention to acquire
International Exchange Bank , a similar-sized bank. If the acquisition is approved, it would be the first major bank merger of 2006. 98.84% of the outstanding shares of iBank were sold on June 5, with the merger being approved on August 28.
UnionBank is divided into the following subsidiaries and affiliates:
UnionBank is known as one of the best Philippine banks. It has received a multitude of awards, which are listed below:
- ), Excellence in Credit Card Management Award ( 2004 ), Best Retail Bank in the Philippines ( 2001 )
- )
- - 2005 ), People's Choice Awardee ( 2000 - 2006 ), Yehey's Most Popular Website ( 2001 )
- )
- ''- 2001 )
- )
- )
- Philippine Clearing House Corporation : Most Advanced Bank in terms of Clearing and Clearing-related Processes
- Asiamoney : No. 6 in Foreign Currency Trading and No. 10 in Derivatives in the Philippines (3rd Treasury Poll of the East and Asia's emerging markets)
- Watson-Wyatt Worldwide : No. 1 Manager of Retirement Funds in the Philippines
- ), Best Participating Financial Institution for SSS Housing Loans ( 2002 )
- )
UnionBank is known for some notable firsts in the Philippine banking industry, which are listed below:
