About bank
UnionBank was established as Union Savings and Mortgage Bank; however, it now functions as a universal bank under a universal banking license. The bank has merged twice, first with International Corporate Bank in 1994 and again with International Exchange Bank in 2006. UnionBank provides a wide range of products and services, including deposits, organizational and mid-market financing, consumer finance loans such as mortgages, auto loans, and credit cards. Apart from that, it also provides services like investments, treasury and financial markets, trust and wealth management, financial advisory, remittance, treasury services and electronic banking, and bancassurance.
The Union Bank of the Philippines Inc., simply known as UnionBank, is one of the country’s leading banking institutions and also the ninth largest bank in terms of assets. UnionBank started as a partnership between the Aboitiz Group, Insular Life, and the Social Security System. It began operations in 1981 and was chartered as a commercial bank on January 19, 1982. UnionBank was awarded an operating license as a universal bank in July 1992.
The company's affiliates include First Union Plans Inc., First Agro-Industrial Rural Bank Inc., Petnet Inc., City Savings Bank Inc., Union Digital Bank, UBX Philippines Corporation, UBP Investments Corporation, Bangko Kabayan Inc., First Union Direct Corporation, and First Union Insurance and Financial Agencies, Inc. As per its last report, the UnionBank has around 385 branches and 497 automated teller machines across the Philippines.
Features
UnionBank is a universal bank that is traded publicly on various stock exchanges. What sets it apart from its competitors is its superior technology, special branch sales and service culture, and consolidated backend processes. UnionBank's excellent technology enables the delivery of online real-time business solutions to satisfy its customers' changing and diverse needs through innovative and personalized management products and service offerings. The bank's distinct branch culture promotes efficient and high-quality service while mitigating operational risk. Because of its centralized processes, the bank can deliver responsive, scalable, and secure transaction processing. The banks' various service segments include:
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Consumer banking. Consumer banking manages individual client deposits and facilitates consumer loans such as automotive and home lending, credit card facilities, and funds transfer services.
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Commercial and corporate banking. It manages loans and other credit facilities, as well as deposit & current accounts for corporate, industrial, small and medium-sized businesses, and middle-market clients
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Treasury and trust division. The treasury and trust division segment manages the bank's liquidity and funding requirements and handles financial market transactions such as foreign currency, fixed income transactions and investments, and derivatives.
Pros and cons
If you are interested in opening an account with this bank, engaging your business, using one or more of their products, or partnering with them, here are some pros and cons to consider.
Pros
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The bank provides numerous types of savings accounts.
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The bank has insured its savings accounts, which means the money deposited is secure.
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The bank offers quick and easy online services, which can be accessed through their bank app and website.
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The bank has limited charges compared to its competitors.
Cons
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The bank is still prone to fraudsters, who may target to scam unsuspecting customers.
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The bank is yet to enable online opening of accounts. You must visit the bank premises to complete your application.
Products
Union Bank of the Philippines provides various banking products and services, including loans and deposits, treasury services, consumer banking, currency trading, financial markets, business and consumer financing, investment management, and trust financial services. To make it more streamlined, some of the products offered by UnionBank include:
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Loans. The types of loans offered by the bank are auto, quick, home, and MSMEs loans.
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Deposits. This includes time deposits, savings, business checks, bizStarter, and checking accounts.
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Cards. The cards include credit, debit, and prepaid cards.
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Trust and investment. UnionBank trust has a decent track record in managing personal and business funds. They provide various products and services for each customer, whether a customized managed account tailored to client-specified investment objectives or an aggregated unit investment trust fund (UITF).
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E-commerce payment gateway. Allows retailers to take major credit cards and alternative payment methods to satisfy their consumers' purchasing habits and to provide flexible capabilities for a cross-channel experience. They can also reach out to additional customers both locally and globally.
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Foreclosed assets. This includes for-sale properties like vehicles, buildings, and land properties.