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UnionBank trust unit starts operation

Business | Banking & Finance

UnionBank trust unit starts operation

By Lee C. Chipongian

Aboitiz-led Union Bank of the Philippines’ UnionBank Investment Management and Trust Corp. (UBIMTC) has started its operations on March 1 this year, the Bangko Sentral ng Pilipinas (BSP) said.

BSP Circular Letter (CL-2024-016) on March 26, 2024 stated that the Certificate of Authority to operate UBIMTC was issued on Nov. 14, 2023.

The BSP first approved the Union Bank’s spin-off trust unit on March 2, 2023 via a Monetary Board resolution. By October 11 last year, it was registered with the Securities and Exchange Commission (SEC).

Meanwhile, BSP Deputy Governor Chuchi G. Fonacier in a separate circular letter said that in view of the transfer of the Gokongwei Group’s Robinsons Bank Corp. to Ayala-owned Bank of the Philippine Islands in a merger deal, Robinsons Bank's trust license has been surrendered to the BSP.

The Monetary Board in a resolution dated Dec. 14, 2023 approved the merger of BPI and Robinsons Bank with BPI as the surviving bank subject to certain conditions.

Fonacier said relatedly, the BSP allowed the transfer of Robinsons Bank’s trust business to BPI Wealth.

By Dec. 29 last year, the SEC has issued the Certificate of Approval of Creation of Additional Paid-In Capital of BPI Wealth, by way of Robinsons Bank’s trust business.

On Jan. 10, 2024, BPI Wealth surrendered Robinsons Bank’s Certificate of Authority to engage in trust and other fiduciary business, including investment management activities to the BSP, said Fonacier.

Trust corporations are authorized by the BSP to engage in trust and other fiduciary business or to perform investment management services.

As of March 20, 2024, the BSP is supervising 22 big banks with trust authorities; five thrift banks with trust business; seven trust corporations; and three other non-bank financial intermediaries.

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