Union Bank of the Philippines
Encyclopedia
Union Bank of the Philippines 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 is a Philippine universal bank. 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.
In strategic business, the bank is a provider of corporate cash management & B2B solutions to leading local and multinational companies operating in the country. Its other lines of business 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.
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
s in the Philippines
Philippines
The Philippines , officially known as the Republic of the Philippines , is a country in Southeast Asia in the western Pacific Ocean. To its north across the Luzon Strait lies Taiwan. West across the South China Sea sits Vietnam...
, ranking seventh in terms of assets after its successful merger with smaller competitor International Exchange Bank
International Exchange Bank
International Exchange Bank, more commonly known as iBank, was one of the largest banks in the Philippines, ranking within the top twenty in terms of assets. It was recently acquired by the larger Union Bank of the Philippines in mid-2006, although the two banks remained separate...
. 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
Government Service Insurance System (Philippines)
The Government Service Insurance System is a government-owned and -controlled corporation in the Republic of the Philippines. Created by Commonwealth Act No...
.
UnionBank is a Philippine universal bank. 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.
In strategic business, the bank is a provider of corporate cash management & B2B solutions to leading local and multinational companies operating in the country. Its other lines of business 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.
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 SystemSocial Security System (Philippines)The Philippine Social Security System is a social insurance program for workers in the Philippine private sector.-Reference:*...
: 26.87% - Insular Life Assurance Company: 18.75%
- Public stock: 4.751%
Firsts
UnionBank is known for some notable firsts in the Philippine banking industry, which are listed below:- UnionBank started the Philippines's first bank websiteWebsiteA website, also written as Web site, web site, or simply site, is a collection of related web pages containing images, videos or other digital assets. A website is hosted on at least one web server, accessible via a network such as the Internet or a private local area network through an Internet...
- UnionBank pioneered online bankingOnline bankingOnline banking allows customers to conduct financial transactions on a secure website operated by their retail or virtual bank, credit union or building society.-Features:...
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.
- It currently carries the first ATM card brand (eon) in the country that is recognized and usable by PayPal. It also has minimal maintenance requirements.
See also
- International Exchange BankInternational Exchange BankInternational Exchange Bank, more commonly known as iBank, was one of the largest banks in the Philippines, ranking within the top twenty in terms of assets. It was recently acquired by the larger Union Bank of the Philippines in mid-2006, although the two banks remained separate...
- Land Bank of the PhilippinesLand Bank of the PhilippinesLand Bank of the Philippines , also known as LANDBANK or by its initials, LBP, is a bank in the Philippines owned by the Philippine government with a special focus on serving the needs of farmers and fishermen...
- List of Philippine companies
- MegaLinkMegaLinkMegaLink is an interbank network connecting the ATM networks of nineteen* members in the Philippines with a total of more than 2,921* ATMs nationwide and handling more than 795,000* transactions a day...
(the UnionBank ATM network)