Union Bank of the Philippines, controlled by the Aboitiz family, is ramping up its capital-raising efforts with plans to issue up to $800 million in bonds under its Euro Medium Term Note (EMTN) program and an initial ₱30 billion from its peso bond program.
The bank will tap its existing $2 billion EMTN program, leaving $1.2 billion in remaining issuance capacity. It has also doubled its peso bond program to ₱100 billion from ₱50 billion, with details and timelines for both issuances yet to be finalized.
In a push to scale its digital banking operations, UnionBank is injecting ₱1.2 billion into its digital subsidiary, UnionDigital Bank Inc., to support expansion and drive sustainable growth.
The capital-raising initiatives come as UnionBank seeks to reinforce its balance sheet, fund lending growth, and strengthen its position in the digital banking space amid intensifying competition.
