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September 24, 2023

UnionBank injects P900M into digital banking arm for business growth

Union Bank of the Philippines (UnionBank), an Aboitiz-led bank, has announced its plan to infuse P900 million in fresh capital into its digital banking subsidiary, UnionDigital Bank Inc., in order to support its business growth.

UnionBank’s board of directors approved the infusion during its meeting held on June 23, the bank said in a disclosure to the Philippine Stock Exchange on Monday.

UnionDigital Bank obtained its digital banking license from the Bangko Sentral ng Pilipinas (BSP) in July 2021 and commenced operations in July 2022.

The digital bank aims to provide all Filipinos with access to advanced financial technologies to contribute to the development of a thriving digital economy.


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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