Union Bank started as Union Savings and Mortgage Bank then changed its name to Union Bank of the Philippines 1981. its incorporators were 3 Top Companies, the Aboitiz Equity Ventures, Inc., the Social Security System and the Insular Life Assurance Company. In 1982, Union Bank acquires its commercial License. In 1992, Bangko Sentral ng Pilipinas granted universal banking license to Union Bank and was listed in the Philippine Stock Exchange under the stock symbol UBP. Union Bank acquired the International Corporate Bank (Interbank) in 1994. On June 5, 2006, The International Exchange Bank (iBank) 98.84% stock was purchased by Union Bank, with the acquisition, Union Bank became the 7th largest private domestic commercial bank.
Union Bank is a universal bank in the Philippines that provides a wide range of commercial, retail and corporate banking products and services. Products and services include loan and deposit products, cash management services, trust banking services, consumer finance, treasury activities and electronic banking.
In 2002 & 2003 Union Bank was recognized as among Asia's best companies by Euromoney and Finance Asia. In 2004, The bank won the Excellence in Credit Card Management Award It is also the first to make it to the list of the world's 25 soundest banks for four consecutive years by the Banker of London. It also won the Excellence in Credit Card Management Award in 2004. The bank is also listed in the Philippine Stock Exchange. As of December 20, 2010, Union Bank has a total market capitalization of Php37.8 billion and share price is Php59.00.