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.