The Securities and Exchange Commission (SEC) approved on August 28, 2006 the merger of UnionBank and the International Excahnge Bank (iBank), with iBank as the absorbed entity and UnionBank as the surviving entity. The SEC is the government agency that handles and approves the merger of corporations in the country.
With the merger, all rights, privileges, powers, immunities and franchises of iBank, all properties (whether real or personal), all debts or receivables due to iBank, as well as all and every other interest of, or belonging to, iBank will be taken and deemed to be transferred to and vested in UnionBank. Likewise, all liabilities and obligations of iBank will be assumed by UnionBank.
UnionBank has purchased 98.84% of iBank shares through a special block sale coursed at the Philippines Stock Exchange on June 5, 2006.
A transformation has begun. And it is all for the better… the bigger… the stronger.
iBank is now part of UnionBank, a merger that creates the seventh largest private universal bank in the country, with an aggregate resource base of over PhP160 billion. More importantly, it is the fusion of a deeply rooted culture of service with financial strength and technological sophistication.
As your bank and holder of your trust, we believe that it is our duty to offer you the best possible value at all times. And that’s precisely what the merger is all about.
UnionBank has risen to Top 5 in financial results and has been counted among the world’s 25 soundest banks for four consecutive years by The Banker of London. It has also been ranked among Asia’s best managed companies by Euromoney, Asiamoney and Finance Asia.
It can be said that the merger of iBank and UnionBank is like no other in the industry: size complementing service; technology enhanced by personal touch.
We are presently in the process of integration, so you can look forward to eventually having access to a broader range of products and services, more branches, more channels, and more technology-based solutions. We will keep you informed of these changes as they happen.