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March 01, 2024

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.


Security Bank posts net income of PHP9.1 billion in 2023

Security Bank Corporation (PSE: SECB) posted net income of PHP9.1 billion in 2023. Total revenues grew 8% year-on-year to PHP43.0 billion. Net interest income increased 19% to PHP34.7 billion. Net interest margin for the full year was 4.49%, higher compared to 4.23% in 2022. Total non-interest income was at PHP8.2 billion. Service charges, fees and commissions grew 15% to PHP6.1 billion, led by increase in fees from credit cards, remittances (which include Instapay fees) and bancassurance.

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