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May 27, 2024

UnionBank prepares for mid-May launch of P10 billion stock rights offering

The Aboitiz family’s Union Bank of the Philippines is set to commence its stock rights offering of up to P10 billion by the middle of next month.

UnionBank is offering 450.2 million shares to existing stockholders.

Under its preliminary terms and conditions, UnionBank’s SRO will run from May 16 to 24, 2024.

The rights shares are offered at a price ranging between P33.73 and P38.23 per share. The final pricing date is set for May 2.

The funds will be used to boost UnionBank’s digital edge, expand retail lending and fund general corporate needs.