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November 28, 2023

UnionBank contemplates selling UBX PH amid expansion plans

UnionBank of the Philippines, a subsidiary of the Aboitiz Group, is reportedly exploring the possibility of selling or spinning off its investment house, UBX PH.

The entity, which was established in 2018, specializes in acquiring financial and information technology services.

While no final decision has been made, Union Bank has confirmed that internal discussions are ongoing.

UBX PH currently holds a 30 percent stake in Shiptek Solutions Corp. and a 35 percent stake in CC Mobile Financial Services Philippines Inc. Additionally, UBX SG, a wholly-owned subsidiary in Singapore, owns 100 percent of Remit Pte. Ltd. (SG) and 1.96 percent of NYK Ventures Pte. Ltd. (SG).