UnionBank's capital position further boosted
PSE Circular for Brokers No. 1336-99 • Philippine Stock Exchange • Circulars for Brokers • Jun 7, 1999
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June 07, 1999 PSE CIRCULAR FOR BROKERS NO. 1336-99 PRESS RELEASE June 7, 1999 UnionBank's capital position further boosted UnionBank of the Philippines strengthened further its capital structure with a fresh infusion of P460 million from shareholder Social Security System. The SSS recently announced its subscription of additional 25.2 million shares from the second tranche of the bank's stock rights offering which now totals to 91.8 million subscribed shares. With the capital infusion, UnionBank's capital funds reached P10.6 billion. The bank's capital to assets ratio moved up to 27.3%, one of the highest in the industry. This ratio measures the extent by which the bank's risk assets can be supported by its capital. UnionBank compares favorably with the international standard of 8%. Also, the higher capital base enables UnionBank to face the current weakness in the credit market and to carry on its business strategy and initiatives. The bank has launched several major products in corporate cash management, the Premium Deposit Account, and the UnionBank Visa card. It has introduced kiosk banking in supermarkets and will open at least 10 more kiosks this year. It likewise plans to expand its branches and money market desks geographically. cdll
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