Union Bank launches private banking service, expects to quadruple AUM

Union Bank of the Philippines (UnionBank) expects to quadruple its assets under management (AUM), as it unveiled on Thursday a private banking service for individuals and families with a net worth of P100 million and above.

"Currently, the bank for our trust business, we're doing about P40 to P50 billion so in the next few years, we can expect that this would probably triple or quadruple in terms of assets under management," bank CFO Jose Emmanuel "Toto" Hilado told reporters in a press conference in Taguig City.

This is expected to be driven by the personal banking arm which was launched by the company on Thursday, catering to ultra-high net worth families (UHNWFs) and individuals (UHNWIs).

According to UnionBank president and CEO Edwin Bautista, he company will actively seek UNHWFs and UNHWIs, who have a net worth of P100 million and above.

"We decided to launch this business because we want to be there for our clients in realizing their aspiration towards financial legacy," said UnionBank Private Banking head Arlene Joan Tanjuaquio-Agustin.

"We aim to be part of their journey in transferring this wealth as a legacy to their next generation," she added.

The private banking arm will be in partnership with Lombard Odier (Singapore) Ltd., part of global wealth and asset manager Lombard Odier Group.

Lombard Odier CEO Vincent Magnenat said the private banking service will cover all asset classes such as portfolio, bonds, private equities.

As of September 2018, UnionBank was the ninth largest bank in the Philippines in terms of assets with P567.696 billion. — BM, GMA News