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September 24, 2023

Two senior UnionBank officers resign

Union Bank of the Philippines led by banker Edwin Bautista lost two key officers including the general counsel of financial technology subsidiary UBX.

UnionBank assistant vice president and UBX general counsel Nathan Marasigan tendered his resignation effective March 4, while UnionBank’s compliance officer and assistant vice president Richard Rigonan will leave the bank on March 9.

Marasigan led the legal documentation for several novel initiatives at UnionBank such as its Virtual Currency (BitBox) ATM, Token Escrow, and Stablecoin (PHX), among others.

Prior to joining UnionBank and focusing on financial technology, Marasigan worked as a legal consultant for several startups, government agencies such as the Energy Regulatory Commission (ERC) as well as NGOs, drafting legislation and advising on matters involving, administrative law, criminal law, energy, technology, and human rights.

Before working for government, Marasigan who obtained both his Juris Doctor and Bachelor of Arts (Political Science) degrees from the University of the Philippines worked as a lawyer for Angara Abello Concepcion Regala & Cruz (ACCRA) Law Offices.

Meanwhile, Rigonan joined UnionBank only last September 1, 2021.


Three rural banks merge to enhance financial stability

Three rural banks have successfully merged in a move aimed at bolstering their financial stability, as confirmed by the Bangko Sentral ng Pilipinas (BSP). The merger officially took effect on July 13, following the necessary regulatory approvals, as detailed in a circular letter signed by Bankero and BSP Deputy Governor Chuchi G. Fonacier on September 15.

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