UnionBank raises up to $800M via EMTN, P30B via peso bonds

UnionBank, led by Aboitiz, plans to raise up to $800 million through its Euro Medium Term Note (EMTN) Program and up to P30 billion from its Peso Bonds Program.

The bank's board has approved these issuances along with an additional capital injection of up to P1.2 billion into UnionDigital Bank Inc., bringing the total size of its peso-denominated bond program to P100 billion.

UnionBank aims to issue up to $800 million from its EMTN Program, which was upsized from $1 billion in November 2017 and has so far raised $800 million.

The bank reported a 31 percent year-on-year increase in net income for 2024, with consumer loans now accounting for 61 percent of its total loan portfolio, nearly three times higher than the industry average.

UnionBank’s strong performance is attributed to record-high revenues, margin expansion, and higher fee-based incomes, driven by increasing customer transactions and card-related fees.