Atram, Unionbank ink merger of trust businesses

ATRAM & UNIONBANK LOGO

MANILA, Philippines — The asset management unit of Union Bank of the Philippines (Unionbank) and Atram Trust Corp. closed their merger on Thursday, thus sealing the deal that would create a single entity with P485 billion in assets under management.

Unionbank said in a regulatory filing on Thursday the Bangko Sentral ng Pilipinas had given its go signal for the merger. This effectively created the country’s fourth-largest private asset management firm, according to Unionbank.

READ: BIZ BUZZ: UnionBank, ATRAM trust units merger sealed

The Aboitiz-led bank acquired a 27.5-percent ownership stake in ATR Asset Management Inc. (AAMI), while AAMI fully took over Unionbank’s trust subsidiary, Unionbank Investment Management and Trust Corp.

“This milestone marks a pivotal step for Unionbank as we combine our digital leadership with Atram’s investment expertise to create smarter, more accessible wealth solutions for Filipinos,” Unionbank president and CEO Ana Maria Aboitiz Delgado said in their disclosure.

For their part, Atram Group CEO Michael Ferrer said the deal would help them drive long-term financial growth and “raise industry standards.”