UnionBank, ATRAM Group finalize trust units' merger

Union Bank of the Philippines has officially sealed a strategic partnership with the ATRAM Group, culminating in a merger of their respective trust operations to form what will become the fourth-largest private asset management firm in the country.

- By KEISHA TA-ASAN

The move follows regulatory approval from the Bangko Sentral ng Pilipinas in April and formalizes a deal first announced in November 2024.

Existing ATRAM shareholders retain the remaining 72.5 percent. Under the agreement, UnionBank acquired a 27.5-percent stake in ATR Asset Management Inc. (AAMI), while AAMI simultaneously acquired 100 percent of UnionBank's trust subsidiary, UnionBank Investment Management and Trust Corp. (UBIMTC).

To implement the transaction, UnionBank sold all 300 million shares of UBIMTC at P1 per share, raising P300 million.