(FILE) Union Bank of the Philippines has proven its reputation as a trailblazer in the industry anew by being the first bank in the Philippines to run workloads on Amazon Web Services Inc. Local Zones location in Manila, Philippines.   photograph courtesy of Unionbank
BUSINESS

UnionBank offers P30.57 per share under new float 

Net proceeds will be used to fund the capital infusion to UnionDigital, projected retail loan availments, and/or for general corporate purposes.

Kathryn Jose

Union Bank of the Philippines (UnionBank) has set the price per common share at P30.57 under its stock rights offering with a programmed maximum value of P10 billion.

In a disclosure to the Philippine Stock Exchange (PSE) on Friday, UnionBank said the price will apply to 327,118,089 units of common shares.  

The price per share was determined based on the volume-weighted average price of the bank’s common shares traded on the PSE for 15 consecutive days prior to 2 May, and is subject to 25 percent discount.

“Net proceeds will be used to fund the capital infusion to UnionDigital, projected retail loan availments, and/or for general corporate purposes,” UnionBank had said in its PSE disclosure last 22 April.

Offer period for the shares will run from 16 to 24 May.

The PSE approved UnionBank’s stock rights offering last 17 April.

P2-B profit for Q1

UnionBank posted a net income of P2 billion in the first quarter which reflected 17 percent growth to P13 billion in net interest income compared to the same period last year.

The data included performance by UnionDigital, the digital bank of UnionBank.

Through its aggressive marketing and distribution channels, UnionBank shared it has already attracted over 14 million customers.

Accordingly, the bank said it expanded consumer loans to 59 percent of its total portfolio in the first quarter.

“This is nearly three times higher than the industry average,” it noted.

UnionBank saw total loans hit P521 billion during the period.