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July 19, 2024

UnionBank plans to raise P30-B through peso-denominated bond issue

Union Bank of the Philippines, Inc. (UnionBank) announced on Monday its plan to raise up to P30 billion from peso-denominated bonds issuance.

The bank’s board of directors approved the issuance during its regular meeting held on Friday, according to the disclosure filed with the local bourse.

Meanwhile, UnionBank is yet to determine the schedule and other details for the issuance, and the papers will be issued out of the bank’s bond program, which has been upsized to P50 billion from the P39 billion announced in 2019.

The bank aims to use the proceeds to “expand its funding base, support business expansion plans, and for other general corporate purposes.”