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September 29, 2023

BSP approves UnionBank’s capital stock increase to P60.3 billion

In a disclosure, Aboitiz-led Union Bank of the Philippines (UnionBank) announced that the Bangko Sentral ng Pilipinas (BSP) has granted approval for its authorized capital stock to be raised from P35.3 billion to P60.3 billion.

This increase, endorsed by the bank’s board of directors and stockholders earlier this year, aims to support growth initiatives and general corporate purposes.

The bank has also submitted the capital stock hike proposal to the Securities and Exchange Commission (SEC) and anticipates a response next month.

UnionBank’s recent financial performance reflects a 6% rise in net income to P6.4 billion during the first half, driven by its consumer loans business, while net revenues surged 60% to P34.4 billion due to a 41% growth in net interest income.

In a separate development, UnionBank has successfully migrated its digital infrastructure systems to the cloud, aligning with its strategic plans to enhance customer services and technological scalability.


BSP and BMAP strengthen collaboration

The Bangko Sentral ng Pilipinas (BSP) and the Bank Marketing Association of the Philippines (BMAP) directors and executives met to enhance their longstanding partnership, focusing on initiatives related to consumer protection, financial literacy, and cybersecurity.

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