Unionbank and Atram seal merger of trust units
UnionBank and Atram seal merger of trust units. Union Bank of the Philippines and the Atram Group have formed the country’s fourth-largest private asset management firm after closing their merger on Thursday.
In a regulatory filing, Aboitiz-led bank UnionBank said the Bangko Sentral ng Pilipinas had given its go signal for the merger of UnionBank Investment Management and Trust Corp. (UBIMTC) and Atram Trust Corp.
This new entity has P485 billion in assets under management. Before this merger, UnionBank acquired a 27.5-percent ownership stake in ATR Asset Management Inc.
Meanwhile, the latter fully took over UBIMTC. “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.
Trust companies act as agents or trustees on behalf of a person or company. Some offer wealth management services, such as that of UnionBank.
Meanwhile, Atram provides access to around 2 million retail investors, mostly through its digital platforms and partnerships. UnionBank is expected to use its digital capabilities and reach to complement Atram’s services.
