| Type | Public (PSE: UBP) |
|---|---|
| Founded | Manila, Philippines (1982) |
| Headquarters | Makati City, Philippines |
| Key people | Justo A. Ortiz, Chairman and CEO Victor B. Valdepeñas, President and COO |
| Industry | Finance and Insurance |
| Products | Financial Services |
| Revenue | P8.42 billion PHP (▲13%) (2007) |
| Net income | P2.90 billion PHP (▲15.5%) (2007) [1] |
| Employees | unknown |
| Website | www.unionbankph.com |
Union Bank of the Philippines (PSE: UBP) more commonly known as UnionBank, is one of the largest banks 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 is a Philippine universal bank recognized for its strategy, execution and performance. While many banks went for size and market share via large balance sheets, UnionBank has followed a highly focused differentiation strategy that emphasizes innovation and service. It has put technology at the heart of its business. Information and network access are a core UnionBank offer. Today multiple channels are available for transaction and information access: nationwide branch network, on-site and off-site automated teller machines, a call center and Internet bank, www.unionbankph.com.
UnionBank is among the industry's best in key performance measures: absolute profit, cost-to-income ratio, return on equity, return on assets, market capitalization, and earnings per share. It is also the country's only bank to make it to the list of the world's 25 soundest banks for four consecutive years by The Banker of London.
In 2008, UnionBank’s OneHub.Gov portal was awarded a Financial Insights Innovation Award, the only Philippine bank chosen among 150 submissions from Financial Institutions across Asia Pacific.
UnionBank is also the first and only in the Philippine banking industry to receive the ISO 9001:2000 Quality Management System certification for its centralized backroom operations.
In strategic business, the bank is a recognized leader and premier provider of corporate cash management & B2B solutions to leading local and multinational companies operating in the country. Its other strengths are in Treasury services & capital markets, Internet banking, consumer finance and distribution network.
UnionBank is a partnership among the Aboitiz Group, Insular Life and Social Security System. It started operations in 1981 and became a commercial bank on January 19, 1982. In July 1992, UnionBank was granted the license to operate as a universal bank.
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Subsidiaries and Affiliates
UnionBank is divided into the following subsidiaries and affiliates:
- First Union Direct
- First Union Plans
- UBP Capital Corporation
- Union Properties
Ownership
- Aboitiz Group of Companies: 49.629%
- Social Security System: 26.87%
- Insular Life Assurance Company: 18.75%
- Public stock: 4.751%
Awards
UnionBank is known as one of the best Philippine banks. It has received a multitude of awards, which are listed below:
- The Asian Banker: Excellence in Retail Financial Services (2004), Excellence in Credit Card Management Award (2004), Best Retail Bank in the Philippines (2001)
- Bankers Institute of the Philippines: Best in Functionality and Interactivity (UnionBank website) (2004)
- Philippine Web Awards: Best Banking and Finance Website (2001-2005), People's Choice Awardee (2000-2006), Yehey's Most Popular Website (2001)
Euromoney : Best Managed Company in the Philippines (no. 3), Best Bank in Asia (no. 7), Best Small Company in Asia (no. 3), Best Website in Asia (no. 8) (2002)- The Banker: Among the World's 25 Soundest Banks (1998-2001)
- FinanceAsia: Top 5 Corporations in E-Commerce Strategy in the Philippines (2001)
- Public Relations Society of the Philippines: Anvil Award for Excellence (1999)
- 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
- Social Security System: Best Collecting Bank for SSS Premium Payments (2002), Best Participating Financial Institution for SSS Housing Loans (2002)
- Telemarketing Philippines: Best Call Center & Customer Service Center in the Philippines, Financial Services Sector (1998)
Firsts
UnionBank is known for some notable firsts in the Philippine banking industry, which are listed below:
- UnionBank started the Philippines's first bank website, www.unionbankph.com
- UnionBank pioneered online banking in the Philippines
- UnionBank also started the Philippines's first electronic savings account, the EON Cyber Account. The EON program also brought the advent of electronic checking in the Philippines.
Issues
Unlike its competitors, UnionBank does not offer ATMs at shopping malls in the Philippines, forcing customers to use other MegaLink-affiliated ATMs and pay additional service fees.
See also
- International Exchange Bank
- Land Bank of the Philippines
- List of Philippine companies
- MegaLink (the UnionBank ATM network)
External links
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