Union Bank of the Philippines: Update following rating affirmation

Moody's Ratings affirms Union Bank of the Philippines' Baa2 ratings; outlook remains negative - Rating Action – 2024/04/19 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...

Union Bank of the Philippines: Update following rating affirmation - Credit Opinion – 2023/05/25 – US$ 250.00 – ...On 28 April 2023, we affirmed Union Bank of the Philippines' (UnionBank)'s Baa2 long- term deposit and issuer ratings and its baa3 Baseline Credit Assessment (BCA). Its long-term ratings are one notch higher than the baa3 BCA, reflecting our assessment that the bank will receive moderate support from the Government of Philippines (Baa2 stable) in times of need. The support assumption is based on UnionBank's moderate deposit market share of around 4.0% as of 31 December 2022. UnionBank's BCA of baa3 reflects our expectation that the bank's post-acquisition capital, although below its rated peers in the Philippines, will remain adequate, bolstered by the recent capital raise in February 2023. Asset quality will stabilize in tandem with post- pandemic economic recovery. We expect its core profitability to improve due to cost synergies from the recent acquisition and the bank's expansion into the higher-yielding retail loans. The bank has a modest deposit franchise, reflecting its relatively...

Moody's affirms Union Bank of the Philippines' Baa2 ratings, outlook remains negative - Rating Action – 2023/04/28 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...

Union Bank of the Philippines: Key facts and statistics - H1 June 2022 - Issuer Profile – 2022/10/31 – US$ 200.00 – ...Union Bank of the Philippines (UnionBank) is a Philippines-based universal bank that provides commercial banking products and services such as loans and deposits, cash management, retail banking, foreign exchange, capital markets, corporate and consumer finance, investment management, and trust banking. As of 30 June 2022, UnionBank reported consolidated assets of PHP874.9 billion ($15.9 billion). As of 30 June 2022, UnionBank distributed its products and services through a network of 385 branches, and 408 onsite and 103 off-site ATMs across the Philippines. UnionBank was founded in 1968 as a government-owned bank under the name Union Savings and Mortgage Bank. Following its privatization in 1988, the bank was turned into a commercial bank, with Aboitiz Equity Ventures, Inc. (AEVI), the holding company of Aboitiz Group, acquiring a 40% controlling stake. As of 30 June 2022, AEVI was the largest shareholder of UnionBank with a 49.92% stake. Since June 1992, the bank's shares have been listed...

Union Bank of the Philippines: Update to credit analysis - Credit Opinion – 2022/06/09 – US$ 250.00 – ...Union Bank of the Philippines' (UnionBank) Baa2 long-term deposit and issuer ratings are one notch higher than its baa3 Baseline Credit Assessment (BCA), reflecting our assessment that the bank will receive moderate support from the Government of Philippines (Baa2 stable) in times of need. The support assumption is based on UnionBank's moderate deposit market share of around 3.5% as of 31 December 2021. UnionBank's BCA of baa3 reflects our expectation that the bank's post-acquisition capital will decline but remain adequate, its high asset risks amid the ongoing coronavirus pandemic, and its good profitability, which is likely to improve over the next 12-18 months. The BCA also incorporates the bank's modest deposit franchise, reflecting its relatively small market share, the impact of which is mitigated by its high level of liquidity....