UNION BANK of the Philippines, Inc. (UnionBank) has launched two new wealth programs as it looks to build on the strengths of Citigroup, Inc. following its acquisition of the latter’s consumer business.
The Aboitiz-led bank on Thursday said it recently introduced wealth management products UnionBank Elite and UnionBank Access.
“Harnessing the strengths of its acquired Citi Wealth business, the two newly unveiled wealth programs bring together time-tested propositions, and even making it better with innovative wealth management approaches from UnionBank,” the listed lender said in a statement.
UnionBank Elite is a new premier segment where customers will get advice from a team of wealth management experts and exclusive access to some local and foreign investment options to allow them to diversify their portfolios.
“Curated experiences and benefits, as well as first dibs to new releases and exclusive events, also await Elite customers. To start the roster of exciting offers, new Elite customers can get up to P1 million cash credits if they open an account until Dec. 31, 2023,” the bank said.
Meanwhile, UnionBank Access seeks to cater to next-generation affluents.
“We have also enhanced our wealth program for the emerging affluent, keeping in mind the children of our clients who may be in the process of creating their own wealth,” UnionBank Wealth and Brokerage Head Therese G. Chan said.
On the other hand, the lender will continue to serve the ultra-wealthy segment through UnionBank Private Banking, offering discretionary wealth management and succession planning.
UnionBank saw its net income drop by 58.99% year on year to P1.65 billion in the third quarter as it set aside higher loan loss provisions in the period.
The bank’s shares dropped by 30 centavos or 0.51% to end at P58.79 each on Thursday. — AMCS
