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Manila Bulletin devider Business devider UnionBank clinches historic 'Best Retail Bank' title in PH for 5th consecutive year

UnionBank clinches historic 'Best Retail Bank' title in PH for 5th consecutive year

Published Mar 27, 2024 11:28 am

UnionBank once again outperformed its peers at the most rigorous, prestigious, and transparent annual awards program to recognize institutional and individual leadership in retail financial services in the Asia Pacific region.  The Asian Banker’s Global Excellence in Retail Financial Services Awards Programme 2024, held last March in Seoul Korea, gave UnionBank its 5th consecutive Best Retail Bank in the Philippines award. The unrivalled fifth Best Retail Bank prize of industry trailblazer UnionBank once again proves its ability to deliver on its continuing commitment to provide superior customer experience. 

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The award was attributed to UnionBank's outstanding financial performance and notable growth in its retail customer base compared to its counterparts by the end of 2023. According to The Asian Banker, UnionBank “has shown exceptional financial performance and retail customer growth among its peers by the end of 2023. It reported a 43% year-on-year revenue growth rate, with its customer base expanding to nearly 14 million following a significant acquisition (of Citi Philippines’ Consumer Business). Scoring 101.44 in the latest BankQuality survey, the bank is recognized for its efficient online transactions and user-friendly services. It is distinguished as the first and only universal bank in the Philippines licensed to offer virtual asset exchange services, certified by the Bangko Sentral ng Pilipinas (BSP), demonstrating adaptability to changing financial trends and customer needs.”

The Global Excellence Programme establishes the objective and undisputed performance benchmarks for the retail and consumer finance industry globally, including the Asia Pacific, Middle East and Africa regions. For the last 20 plus years, the Best Retail Bank stands as the most important and respected award in the industry as it involves a team of researchers that need 3-4 months to evaluate more than 300 submissions based on scorecard before recommending them to an independent international advisory council to get the final winners. 

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"We at UnionBank are grateful to The Asian Banker for recognizing the hard work that we do year after year. It always brings us immense pride when our efforts are recognized like this, and it also motivates us to go even further as we move towards becoming a Greater Retail Bank that not only the customers love, but also one that Filipinos can be proud of," said UnionBank Head of Consumer Banking, Manoj Varma.

This latest addition to UnionBank’s various international recognitions solidifies the Bank’s position as a leading player in the local and even international banking and finance arena.

The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services and forums. 

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