Currently, the Philippine Financial System is divided into the following:
Among the banking institutions in the country, seventeen (17) are universal banks while twenty-one (22) are banks with sole commercial banking functions. There are also eighty-four (84) thrift banks and seven hundred thirty-eight (738) rural banks in the country. (as of April 1, 2008, www.bsp.gov.ph)
UnionBank of the Philippines is a universal bank which commenced operations in 1981. Since its inception, the bank has expanded steadily through several mergers and acquisitions, the latest of which was with iBank in mid-2006. It is currently the 9th largest bank in the country in terms of assets as well as customer deposits. It has established itself as a leading bank in using technology to provide advanced banking solutions, particularly cash management solutions, to its customers. UnionBank is focused on meeting customer needs through technological advancements and seeks to remain at the forefront of technology-based banking in the Philippines.
The bank aims to continue to distinguish itself from its competitors through its innovative technologies and products, customer service and cash management services via a branch banking network comprising a total of 166 operational branches and 217 ATMs nationwide as of December 31, 2007.
Its head office is located at UnionBank Plaza, Meralco Avenue corner Onyx Street, Ortigas Center, Pasig City, Philippines and its official website is www.unionbankph.com.
UnionBank is largely owned by the Aboitiz Group of Companies, which is known for its power generation and shipping businesses. Social Security Systems and Insular Life Assurance Co. are also minority shareholders in UnionBank. The public also has minority shareholdings in the company as UnionBank is a publicly-listed corporation.
UnionBank of the Philippines was established under the name of “Union Savings and Mortgage Bank” in 1968. In 1981, Bancom Development Corporation's assets and liabilities were transferred to Union Savings and Mortgage Bank, which was subsequently owned and controlled by Social Security System and LandBank of the Philippines. Union Savings and Mortgage Bank changed its name to its current name, “UnionBank of the Philippines” and became a commercial bank on January 18, 1982.
As part of the government's three-phase plan to privatize UnionBank, the Aboitiz Group acquired a 40.0% equity interest in the bank in 1988. In 1991, Insular Life Assurance Co., and Ramcar, Inc. acquired 20.0% and 10.0%, respectively, of the equity interest in the bank then held by the Social Security System. Ramcar, Inc. subsequently sold its 10.0% equity interest in the bank to the Social Security System in 1999.
Apart from the acquisition of Bancom in 1981, UnionBank also acquired The International Corporate Bank in 1993 and International Exchange Bank in 2006 to increase its asset size.
UnionBank has received various awards for its achievements, the most recent of which was the 2008 Fintech Asia Congress – Financial Insight Innovation Award. According to an Asia Money poll in 2007, UnionBank was voted as the Most Innovative Bank in Cash Management Solutions in the Asia-Pacific region. In 2001, the bank received the “Excellence in Retail Banking Award” from The Asian Banker for being the best retail bank in the Philippines. In December 2002, the Bank was voted by Euromoney as being one of “The 10 Best Managed Companies in Asia in 2002”. In January 2003, the bank was voted by AsiaMoney as being “Among the 5 Best Managed Companies in the Philippines in 2002”. In 2005, the bank's official website, “unionbankph.com” was awrded the Best in Functionality and Interactivity award at the BAIPHIL WebAwards, and the best Banking and Finance Website award as well as the People's Choice for Banking...