Best for wealth transfer/succession planning in the Philippines 2023
UnionBank of the Philippines
When UnionBank of the Philippines entered the private banking industry in March 2019, the senior management quickly realized the challenges that come with addressing wealthy customers’ complex financial needs. A year later, when the pandemic hit Asia, the team learned just how much more complicated these could become.
But UnionBank handled that baptism by fire nimbly and skilfully. The private banking team, led by Arlene Tanjuaquio-Agustin, kept its head down and built a thriving advisory business, including services such as succession planning, wealth structuring and philanthropy.
UnionBank’s strategic alliances with Lombard Odier and Allfunds Bank, its global trading platform partner, certainly helped. Over the last three years, these entities forged a relationship of trust and myriad synergies. Lombard Odier’s senior management regularly collaborated with local relationship managers in meetings with top clients.
The Swiss firm is also closely involved in UnionBank’s big-picture planning on trading strategies and long-term vision on a weekly basis.
UnionBank’s own dedication to safeguarding clients’ wealth and proving its mettle as investment adviser are now paying off handsomely. UnionBank wins the Asiamoney award for best for wealth transfer and succession planning thanks to its expert advisory on these essential family services.
This includes world-class family wealth structuring, retirement and estate planning, succession planning, philanthropy and a range of sustainability options.
The timing of UnionBank’s move into private banking was lucky, as the pandemic proved a powerful new incentive for families to get serious about generational wealth issues.
Here, UnionBank’s philosophy that true wealth goes beyond just growing money has resonated far and wide across the Philippines. As the team puts it, the aim is to fulfil each client’s dream of growing their wealth in the long term, but also finding efficient and innovative channels to make a difference.
Being able to harness Lombard Odier’s long commitment to sustainability is strengthening UnionBank’s proposition with next-generation family members – a feat that makes UnionBank Asiamoney’s best private bank for philanthropy services in the Philippines.
The firm is making available more and more ESG and sustainability-themed Lombard Odier funds in which local clients can invest. UnionBank officials also receive in-depth training from Lombard Odier's sustainability experts to expand the Philippine business.
UnionBank established the NextGen Academy, the first of its kind in the Philippines’ private banking circles. Its mission is to help hone the entrepreneurial instincts of younger family members who represent the industry’s future.
In 2022, the bank launched a face-to-face annual flagship NextGen Academy programme after two years of online interactions. Already, the team believes the initiative is setting the foundations needed for the next generation of family business leaders to increase investments more creatively, more meaningfully and with greater financial firepower. The programme has also expanded to joint events around Asia, so far in Singapore and Bangkok.