Union Bank of the Philippines (UBP) has joined the ranks of the country’s biggest private lenders after completing the takeover of Citi’s retail business and assets in the Philippines.
Based on its consolidated balance sheet (including subsidiaries), UBP reported total assets of P1.05 trillion as of 30 September 2022, up 20 percent from P871.537 billion as of June.
UBP climbed from 9th to 7th place, just slightly behind Rizal Commercial Banking Corp. led by bilyonaryo Helen Yuchengco-Dee with P1.099 trillion (up 5.7 percent). Frederick Dy’s Security Bank dropped to 8th spot to P839 billion (down 5.4 percent).
UBP wrapped up its $1.3 billion takeover (through an asset and liability transfer) of Citi Philippines last August, 30 percent more than its original estimate. UBP, which also absorbed 1,500 employees of Citi Philippines, expects full integration by mid-2023.
BDO Unibank of the Sy family remains the largest bank in the country with P3.181 trillion(up 1.7 percent).
The other trilyonaryo banks are:
– Ty family’s Metropolitan Bank and Trust Co. P2.791 trillion (up 3.1 percent);
– Ayala group’s Bank of the Philippine Islands P2.54 trillion (up 2.8 percent);
– Lucio Tan’s Philippine National Bank P1.19 trillion (down 1.2 percent); and
– Sy family’s China Banking Corp. P1.329 trillion (up 8.4 percent).