UnionBank to absorb UnionDigital, UBX businesses
Union Bank of the Philippines is moving to absorb the businesses of its digital banking and financial technology subsidiaries into its parent operations, as the Aboitiz-led lender seeks to streamline its operations and strengthen its digital banking services.
UnionBank of the Philippines is set to absorb the businesses of its digital banking subsidiary UnionDigital Bank and fintech subsidiary UBX, as part of its strategy to streamline operations and enhance its digital services. The Philippine Stock Exchange was informed of the board's approval of the integration, pending regulatory clearances from the Bangko Sentral ng Pilipinas (BSP) and other authorities.
UnionDigital focuses on digital banking, while UBX provides fintech solutions to broaden access to financial services. UnionBank president and CEO Ana Delgado stated that the integration will bolster the bank's digital offerings, improve operational efficiency, and enable the bank to serve more Filipinos through its existing digital platforms.
The bank assured that customer services would remain uninterrupted during the transition. While the integration timeline remains undisclosed, UnionBank reported a 53% increase in net income to P9.9 billion in the first nine months, driven by higher interest earnings, increased fees, and improved operational efficiency. The bank's net interest margin improved to 6.9%, with consumer loans making up 62% of its loan portfolio.
Written by urgent.news from Philippine Star Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
