UnionBank pours additional P1.6B into digital banking unit

Aboitiz-led Union Bank of the Philippines is injecting over a billion pesos in capital into its digital banking unit.

In a disclosure to the Philippine Stock Exchange on Tuesday, UnionBank said its board of directors “approved the infusion of additional capital of up to P1.6 billion in UnionDigital Bank Inc.'' on September 23.

The bank said the additional capital infusion would “support UnionDigital's ongoing business operations and allow it to deliver sustainable growth, subject to the applicable regulatory approvals.”

UnionDigital is among the 10 purely digital banks that were approved by the Bangko Sentral ng Pilipinas (BSP).

UnionBank’s digital banking unit commenced operations in July 2022. —VBL, GMA Integrated News