Best for wealth transfer/succession planning in the Philippines 2021
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Best for wealth transfer/succession planning in the Philippines 2021

UnionBank of the Philippines

When it comes to wealth transfer and succession planning, UnionBank of the Philippines should know a thing or two. After all, the bank is 49.31% owned by a unit of Aboitiz & Company, a fifth-generation family-controlled business that traces its roots back to the late 1800s when it was founded by Paulino Aboitiz.

With such a background, it is only natural that UnionBank Private Banking has flourished since it was officially launched in March 2019 to cater to ultra high net worth individuals and families.

Its strong growth is a sign of the bank’s success under Arlene Agustin, its private banking head. Assets under management soared 74% in 2020 to about P38 billion ($795 million), beating the firm’s own internal targets. By the middle of April 2021, AUM were close to P50 billion. Revenues rose 99% year on year in 2020, while income jumped a whopping 336%, making this the private bank’s best year.

Its appeal to the wealthy in the Philippines is twofold: its hybrid digital-plus-personal model has proved a success thanks to the bank’s agility, as have its tailor-made offerings for the next generation of family leaders.

UnionBank had already taken a digital-first approach to its wealthy clients, but it went a step further last year by adding new functionalities to its mobile app.