The Aboitiz clan’s Union Bank of the Philippines is pouring an extra ₱1.6 billion into its digital banking arm to supercharge its growth.
In a regulatory filing, the bank said that its board has approved this fresh capital injection to beef up UnionDigital Bank Inc.’s operations and fuel its expansion.
UnionDigital Bank, which hit the scene in 2022, has been laser-focused on serving underserved communities by offering competitive deposit rates, harnessing the power of technology, and tapping into new markets.
The bank is gunning for a customer base of 1.5 million by the end of this year, a significant jump from its current 750,000.
As of December 2023, UnionDigital Bank raked in revenues exceeding ₱5 billion, with total assets clocking in at ₱22.47 billion.
