Insular Life buys P59 million Union Bank shares, SSS unloads P15 million

Minority owners of Union Bank of the Philippines made contrasting moves in their bank holdings last October.

Insular Life Assurance Co., chaired by bilyonaryo Nina D. Aguas, bought a total of 971,000 UBP shares at a price range of P58.87 to P63.23 from October 2 to 27.

As a result, the company now holds 291 million shares, representing a 12.36 percent interest in the country’s eighth-largest lender, which boasts assets totaling P968 billion.

On the other hand, the Social Security System (SSS) sold 231,000 shares within a price range of P65 to P67 each from October 1 to 31.

Despite this divestment, SSS maintains ownership of 431 million shares, equivalent to an 18.31 percent stake in the bank.

It’s noteworthy that UBP experienced a decline, reaching a two-year low of P58.40 in October.