Union Bank Of The Philippines: The Bank You Can Count On

Better known as Union Bank it unites with its smaller rival, International Exchange Bank and it ranks seventh in terms of assets among the Bank in the Philippines. UnionBank is very popular these days. Being the host bank to the major accounts of the E-Card of the Government Service Insurance System members (whose members are all the government employees in the Philippines), it is as one of the stable banks in the country.

UnionBank: Its Evolution

The bank's establishment took place on January 19, 1982. It is a government-owned commercial bank. The fusion of Union Savings and Mortgage Bank and Bancom Development Corporation created the Union Bank of the Philippines. With the Aboitiz Group of Companies having 40 percent stock of the Bank from Land Bank of the Philippines, UnionBank became privatized in 1988. Insular Life Assurance Company took 20 percent and Ramcar Group took 10 percent of the company in 1990. The bank acquired a successful IPO in July 1992 in the Philippine Stock Exchange.

In 1994, Union Bank took control of the a medium-sized commercial bank, the International Corporate Bank or Interbank as well as the founding members of the Banknet ATM pool. In 1993, the bank aimed to be one of the five largest banks in the country by year 2000 and emerged successful in 1999, which is a year ahead of their targeted schedule. Also in 1999, the UnionBank advanced to venture in electronic banking.

The bank strengthen its technological and banking progress, and progress further for its system in the use of its financial assets and its adaption of latest business model, positioning itself more on the market focus and specialization scheme in contrast to the conventional size and branch existing representation that is common among domestic banks models.

About 49.629 percent of the bank belongs to the Aboitiz Group of Companies, 26.87 percent to the Social Security System, 18.75 percent belongs to Insular Life Assurance Company, and the remaining 4.751 percent is considered as a public stock. The bank splits into subsidiaries and affiliates such as the First Union Direct, the First Union Plans, the UBP Capital Corporation, and the Union Properties.

Although Union Bank of the Philippines was established in the 80s, it has been famous for being first in the Philippine banking industry. It started the country's first bank website. It is also the first to initiate online banking in the Philippines. Talking about the first in electronic savings account, UnionBank pioneered it under its EON Cyber Account. The trend of electronic checking in the country was also initiated through the EON program as well.

Serving at Its Best

Being one of the best banks in the country, Union Bank of the Philippines has received number of meritorious awards that assure its clients quality services. In 1998, it garnered the award by Telemarketing Philippines as the Best Call Center & Customer Service Center in the Philippines, Financial Services Sector. In 2002, it has been the Best Participating Financial Institution for SSS Housing Loans and the Best Collecting Bank for SSS Premium Payments by Social Security System. The bank also received an award from Watson-Wyatt Worldwide as the No. 1 Manager of Retirement Funds in the Philippines.

It also received awards from the Asiamoney, Philippine Clearing House Corporation, Public Relations Society of the Philippines, FinanceAsia, The Banker, Euromoney, The Asian Banker, Bankers Institute of the Philippines and the Philippine Web Awards. These awards are definite proofs that Union Bank of the Philippines is certainly a bank you can count on.

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