Aboitiz-led UnionBank mulls spin off or sale of UBX PH

Union Bank of the Philippines, the banking arm of the Aboitiz conglomerate, is weighing the possibility of spinning off or selling UBX PH, its investment house that was established in 2018 to acquire businesses in the financial and information technology services.

The bank has not yet made any final decision on the matter, but confirmed that internal discussions are ongoing.

In a statement to the stock exchange, Union Bank said it would disclose any developments as appropriate.

UBX PH owns a 30 percent stake in Shiptek Solutions Corp. and a 35 percent stake in CC Mobile Financial Services Philippines Inc.

It also has a wholly-owned subsidiary in Singapore, UBX SG, that specializes in acquiring fintech start-ups and holds 100 percent of Remit Pte. Ltd. (SG) and 1.96 percent of NYK Ventures Pte. Ltd. (SG).