Union Bank of the Philippines: Best Digital Bank South East Asia 2022


Union Bank of the Philippines is acquiring the consumer banking business of Citi Philippines, the country’s largest foreign bank in terms of customers, assets and revenues. UnionBank ranks among the country’s top universal banks in terms of profitability and efficiency. Some 1,750 consumer banks and supporting staff will transfer to UnionBank upon close of the transaction, with expected completion in the second half of 2022. The transaction covers Citi’s local credit card, unsecured lending, deposit and investment businesses, as well as a brokerage company providing retail insurance and investment services. The banks promise customers a seamless transition and zero changes in service. UnionBank has a strong digital game with years of targeted investments now delivering results. The bank credits its preferential market position to far-sighted vision and strategic preparation for the evolution of banking. UnionBank intends to compress five-year growth plans into a two-year window by accelerating the digital onboarding of new customers. The bank has seen a significant increase in the adoption of digital channels by new and existing customers, particularly throughout the global pandemic. Digital transactions gained traction as society coped with lockdowns and markets sought to move online. An award-winning advertising campaign helped UnionBank attract new clients and become one of the top three regional processors of InstaPay and PesoNet transactions. The CFI.co jury presents UnionBank with the 2022 award for Best Digital Bank – South East Asia 2022.