MANILA, Philippines — UnionBank of the Philippines (UBP) announced that it would be pumping P900 million in additional capital to its digital banking unit.
The move was announced in a disclosure sent to the Philippine Stock Exchange on Monday.
The capital will be used to support and bolster the UnionDigital Bank’s business growth.
UBP’s board of directors approved the plan in its meeting back on Friday.
The BSP granted a digital banking license to UnionDigital in the middle of the pandemic.
The unit was one of six banks that the Bangko Sentral ng Pilipinas awarded a digital banking license, which included Maya Bank, Overseas Filipino Bank, Tonik Digital Bank, UNObank, and GOtyme.
Shares in UBP currently trade 2.62% up at P76.45 as of 1:37 Monday afternoon. — Ramon Royandoyan