UnionBank Injects Additional ₱1.6B into Digital Banking Unit

Aboitiz-led Union Bank of the Philippines is set to pour an additional ₱1.6 billion into its digital banking arm, UnionDigital Bank Inc., to support its ongoing operations and drive sustainable growth.

In a disclosure to the Philippine Stock Exchange on Tuesday, UnionBank announced that its board of directors approved the capital infusion on September 23. The additional funding is still subject to regulatory approvals.

UnionDigital, one of the 10 purely digital banks approved by the Bangko Sentral ng Pilipinas (BSP), began operations in July 2022.