# UnionBank of the Philippines

> Source: https://docs.barcoder.ai/docs/wallets/unionbank-philippines
> research date 2026-05-30 · extracted at 2026-10-07
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

Specifications:
- [UnionBank Philippines — official](https://www.unionbankph.com/)

## Overview

**UnionBank Philippines (UBP)** is **a Philippine universal bank** + **Aboitiz Equity Ventures parent** + **First Philippine bank that enables customers to open accounts through the app** <sup>[1][1], [2][2], [Philippines report](https://docs.barcoder.ai/docs/payments/PH)</sup>. **2024 baseline**: UnionBank Philippines 17.3M Philippine customers + 51% active digital users (~8.8M digital users) + 105M transfer transactions in 2024 (+33% YoY); **distinctive Philippine digital banking leader**: UnionBank Online frequently ranked among top banking apps on Google Play in terms of both downloads + user ratings; **digital account openings surged 10.3-fold since 2019** — distinctive Philippine market burgeoning demand for seamless online payment experiences.

**Distinctive UnionBank Philippines positioning** <sup>[1][1], [2][2], [3][3], [4][4]</sup>:
- **Philippine universal bank** + **Aboitiz Equity Ventures parent** (Cebu Aboitiz family Philippine conglomerate; AEV)
- **17.3M Philippine customers + 51% active digital users (~8.8M digital users) (2024)**
- **First Philippine bank that enables customers to open accounts through the app** — distinctive Philippine digital banking pioneer
- **105M transfer transactions in 2024 (+33% YoY)** — distinctive Philippine digital banking transaction scale
- **Digital account openings surged 10.3-fold since 2019** — distinctive Philippine market burgeoning demand for seamless online payment experiences
- **UnionDigital Bank** (Philippine BSP-licensed digital bank subsidiary; one of BSP's first 6 Philippine digital banking licenses 2021)
- **1968 Union Savings + Mortgage Bank founding** (UnionBank predecessor) + **1992 Union Bank of the Philippines formal incorporation** post-Union Savings + Mortgage Bank + Aboitiz Equity Ventures + Social Security System (SSS) reorganization

## History

**1968 — Union Savings + Mortgage Bank founded** in Philippines (UnionBank predecessor) — distinctive Philippine banking heritage.

**Mar 1992 — Union Bank of the Philippines formally incorporated** post-Union Savings + Mortgage Bank + Aboitiz Equity Ventures + Social Security System (SSS) reorganization.

**Sep 1992 — UnionBank Philippines IPO on PSE (Philippine Stock Exchange)**.

**2017 — UnionBank Online mobile banking app launches**.

**2021 — UnionDigital Bank receives BSP Philippine digital banking license** (one of BSP's first 6 Philippine digital banking licenses).

**2022 — UnionBank Philippines acquires Citi Philippine consumer banking business** for ₱55B (~$1B) → distinctive Philippine banking M&A (Citi's Philippine consumer banking exit + UnionBank Philippine consumer banking expansion).

**2024 — UnionBank Philippines 17.3M Philippine customers + 51% active digital users + 105M transfer transactions in 2024 (+33% YoY) + digital account openings surged 10.3-fold since 2019** <sup>[1][1], [2][2], [3][3], [4][4]</sup>.

## Ownership & operator

**Operating entity**: **Union Bank of the Philippines** (PSE: UBP).

**Major shareholders**: **Aboitiz Equity Ventures Inc (AEV; Cebu Aboitiz family Philippine conglomerate) ~50% controlling + Social Security System (SSS; Philippine state pension fund) ~16% + Insular Life Assurance Company + Philippine institutional + Philippine retail public float**.

**Regulator**: **BSP (Bangko Sentral ng Pilipinas)**.

## Technical integration

**UnionBank Online mobile banking app (iOS + Android; First Philippine bank that enables customers to open accounts through the app)** + unionbankph.com online + UnionBank cards (Visa + Mastercard + PhilCard) + UnionBank Philippine branch network; InstaPay + PESONet + QR PH + Philippine ACH; **UnionDigital Bank** (Philippine BSP-licensed digital bank subsidiary; one of BSP's first 6 Philippine digital banking licenses 2021) + **UnionBank Portal** + **UnionBank Citi Plus** (post-2022 Citi Philippine consumer banking ₱55B ~$1B acquisition; Citi credit cards + retail banking integration).

## Users & growth

**2024**: UnionBank Philippines 17.3M Philippine customers + 51% active digital users (~8.8M digital users) + 105M transfer transactions in 2024 (+33% YoY); **digital account openings surged 10.3-fold since 2019**.

## Use cases

Philippine retail + private + corporate + SME + investment + Islamic banking via UnionBank Online + unionbankph.com online + cards + branches + **UnionDigital Bank** + **UnionBank Citi Plus** (post-2022 Citi Philippine consumer banking integration); InstaPay + PESONet + QR PH + Philippine ACH; distinctive **First Philippine bank that enables customers to open accounts through the app**.

## Implementations & partners

**Operator**: Union Bank of the Philippines (PSE: UBP); **Aboitiz Equity Ventures Inc (AEV; Cebu Aboitiz family Philippine conglomerate) ~50% controlling** + Social Security System (SSS; Philippine state pension fund) ~16% + Insular Life Assurance Company + Philippine institutional + Philippine retail public float.

**Subsidiaries**: **UnionDigital Bank** (Philippine BSP-licensed digital bank subsidiary; one of BSP's first 6 Philippine digital banking licenses 2021) + **City Savings Bank (UnionBank Philippine thrift bank subsidiary)** + **UBX (UnionBank Philippine fintech subsidiary)** + **UBP Securities** + **UnionBank Citi Plus** (post-2022 Citi Philippine consumer banking ₱55B ~$1B acquisition).

**Major Philippine banking competitors**: [BDO Unibank (Philippines)](https://docs.barcoder.ai/docs/wallets/bdo-unibank) (Philippines #1 by assets; SM Investments Group; Sy family) + [Bank of the Philippine Islands (BPI)](https://docs.barcoder.ai/docs/wallets/bpi-philippines) (Bank of the Philippine Islands; Philippines #2 by assets + Ayala Corporation parent; one of oldest Asian banks since 1851) + [Metrobank (Philippines)](https://docs.barcoder.ai/docs/wallets/metrobank-philippines) (Metropolitan Bank + Trust Company; Philippines #2 private by assets; Ty family) + [Land Bank of the Philippines](https://docs.barcoder.ai/docs/wallets/land-bank-philippines) (Land Bank of the Philippines; Philippine state-controlled) + [Security Bank Philippines](https://docs.barcoder.ai/docs/wallets/security-bank-philippines) + [China Banking Corporation (China Bank)](https://docs.barcoder.ai/docs/wallets/chinabank-philippines) + [PNB Philippine National Bank](https://docs.barcoder.ai/docs/wallets/pnb-philippines) (Philippine National Bank) + [Rizal Commercial Banking Corporation (RCBC)](https://docs.barcoder.ai/docs/wallets/rcbc-philippines) (Rizal Commercial Banking Corporation) + [GCash](https://docs.barcoder.ai/docs/wallets/gcash) (Philippine mobile money; Ayala Corporation + Mynt 96M+ users) + [paymaya](https://docs.barcoder.ai/docs/wallets/paymaya) (Maya Philippines; PLDT + Smart Padala 70M+ users).

**Regulator**: BSP.

## Fun facts

- **Philippine universal bank** + **Aboitiz Equity Ventures parent** (Cebu Aboitiz family Philippine conglomerate; AEV).
- **17.3M Philippine customers + 51% active digital users (~8.8M digital users) (2024)**.
- **First Philippine bank that enables customers to open accounts through the app** — distinctive Philippine digital banking pioneer.
- **105M transfer transactions in 2024 (+33% YoY)** — distinctive Philippine digital banking transaction scale.
- **Digital account openings surged 10.3-fold since 2019** — distinctive Philippine market burgeoning demand for seamless online payment experiences.
- **UnionDigital Bank** (Philippine BSP-licensed digital bank subsidiary; one of BSP's first 6 Philippine digital banking licenses 2021).
- **2022 UnionBank Philippines acquires Citi Philippine consumer banking business for ₱55B (~$1B)** → distinctive Philippine banking M&A (Citi's Philippine consumer banking exit + UnionBank Philippine consumer banking expansion).
- **1968 Union Savings + Mortgage Bank founding** (UnionBank predecessor) + **1992 Union Bank of the Philippines formal incorporation** post-Union Savings + Mortgage Bank + Aboitiz Equity Ventures + Social Security System (SSS) reorganization.

## Comparison

| Feature | UnionBank Philippines (UBP) / UnionBank Online | [BDO Unibank (Philippines)](https://docs.barcoder.ai/docs/wallets/bdo-unibank) (Philippines #1 by assets rival; SM Investments Group; Sy family) | [Bank of the Philippine Islands (BPI)](https://docs.barcoder.ai/docs/wallets/bpi-philippines) (Bank of the Philippine Islands rival; Philippines #2 by assets + Ayala Corporation parent) | [Metrobank (Philippines)](https://docs.barcoder.ai/docs/wallets/metrobank-philippines) (Metropolitan Bank + Trust Company rival; Philippines #2 private by assets; Ty family) | [Land Bank of the Philippines](https://docs.barcoder.ai/docs/wallets/land-bank-philippines) (Land Bank of the Philippines rival; Philippine state-controlled) |
|---|---|---|---|---|---|
| Operator | **Union Bank of the Philippines (PSE: UBP; Aboitiz Equity Ventures ~50% controlling)** | BDO Unibank Inc (PSE: BDO; SM Investments Group; Sy family) | Bank of the Philippine Islands (PSE: BPI; Ayala Corporation parent) | Metropolitan Bank & Trust Company (PSE: MBT; Ty family) | Land Bank of the Philippines (Philippine state) |
| Type | **Philippine universal bank + Aboitiz Equity Ventures parent + 17.3M Philippine customers + 51% active digital users (~8.8M digital users) + 105M transfer transactions in 2024 (+33% YoY) + UnionDigital Bank + 2022 Citi Philippine consumer banking ₱55B (~$1B) acquisition + First Philippine bank that enables customers to open accounts through the app** | Philippines #1 by assets + SM Investments Group + Sy family controlling + BDO Pay distinctive Philippine mobile wallet | Philippines #2 by assets + Ayala Corporation parent + one of oldest Asian banks since Aug 1 1851 founding | Philippines #2 private by assets + Ty family controlling + Metrobank Mobile App 1M+ users | Philippine state-controlled + Philippine agricultural + rural banking flagship + LandBank Mobile Banking |
| Country | PH | PH + 50+ countries (offices) | PH + HK + UK + JP + US | PH + HK + KR + JP + UK + US + ES + 7+ countries | PH |
| Distinctive | **1968 Union Savings + Mortgage Bank founding (UnionBank predecessor); Mar 1992 Union Bank of the Philippines formal incorporation post-Union Savings + Mortgage Bank + Aboitiz Equity Ventures + SSS reorganization; Sep 1992 PSE IPO; 2017 UnionBank Online mobile app launch; 2021 UnionDigital Bank BSP Philippine digital banking license (one of BSP's first 6); 2022 Citi Philippine consumer banking ₱55B acquisition; 2024 17.3M customers + 51% active digital users + 105M transactions** | 1968 Acme Savings Bank founding (BDO predecessor); 1976 Banco de Oro founding by Henry Sy Sr; 2007 BDO + EPCIB merger | Aug 1 1851 founding by Spanish colonial Royal Decree (one of oldest Asian banks); 2000 BPI + Far East Bank merger; 2024 Robinsons Bank acquisition completion | 1962 Metropolitan Bank + Trust Company founding by George S.K. Ty; 2010 Philippine Savings Bank acquisition | 1963 Land Bank of the Philippines founding; Philippine state-controlled bank |

## Status

**Active, Philippine universal bank + Aboitiz Equity Ventures parent + First Philippine bank that enables customers to open accounts through the app** <sup>[1][1], [2][2], [3][3], [4][4]</sup>:
- **Union Bank of the Philippines (PSE: UBP; Aboitiz Equity Ventures ~50% controlling)** since 1968 Union Savings + Mortgage Bank founding + Mar 1992 Union Bank of the Philippines formal incorporation + Sep 1992 PSE IPO.
- **17.3M Philippine customers + 51% active digital users (~8.8M digital users) + 105M transfer transactions in 2024 (+33% YoY)**.
- **2021 UnionDigital Bank BSP Philippine digital banking license + 2022 Citi Philippine consumer banking ₱55B (~$1B) acquisition**.
- **BSP regulated**.

## Sources

[1]: https://www.unionbankph.com/ "UnionBank Philippines — official"
[2]: https://www.unionbankph.com/unionbankonline "UnionBank Online — UnionBank"
[3]: https://knowledge.antom.com/unionbank "UnionBank — Antom Knowledge"
[4]: https://www.moneymax.ph/personal-finance/articles/unionbank-online-banking "UB Online Banking Guide — Moneymax"
[ph-cro]: https://docs.barcoder.ai/docs/payments/PH

- [1] [UnionBank Philippines — official][1]
- [2] [UnionBank Online — UnionBank][2]
- [3] [UnionBank — Antom Knowledge][3]
- [4] [UB Online Banking Guide — Moneymax][4]
- <sup>[Philippines report](https://docs.barcoder.ai/docs/payments/PH)</sup> In-corpus: `reports/countries/PH-philippines.md`

## Source

Biography extracted from [unionbank-philippines.md](https://docs.barcoder.ai/source/wallets/unionbank-philippines). See `matrix.md` for standards-support matrix if present.