AllBank taps UCPB for trust management

MANILA, Philippines — The banking arm of tycoon Manuel Villar has tapped state-owned United Coconut Planters Bank (UCPB) to manage the retirement plan of its officers and employees.

AllBank president Jesus Garcia said the bank believes employees are the biggest and most important asset of any institution.

“Taking care of their retirement after serving the institution is of utmost importance to us. Establishing a retirement fund for our employees and looking for a competent and reliable partner to manage it will always be part and one of our priorities. UCPB is a good choice,“ Garcia said in a statement.

Villar’s AllBank recently inked a trust agreement appointing UCPB as trustee for the thrift bank’s retirement plan.

Arturo Lipio, first vice president and trust banking group head at UCPB, said the bank is honored to manage the retirement plan of the thrift bank.

“We’re honored that AllBank entrusted the retirement plan of its employees to the UCPB Trust Banking Group. This shows how AllBank truly values the welfare of its employees,” Lipio said.

AllBank caters to working-class Filipinos and businesses via a network of 17 branches and 26 ATMs in the National Capital Region, Laguna, Cavite, Pampanga and Bataan.

It is ranked as the country’s 18th largest thrift bank in terms of assets with P5.39 billion and 17th in terms of capital with P1.12 billion as of end June.

On the other hand, UCPB is the country’s 13th largest lender in terms of assets with P336.18 billion and 14th in terms of capital with P20.9 billion.

UCPB remains to be a strong and profitable institution with a net income of P2.9 billion in the first half of the year.