Awards for Distinction 2021 – Best Domestic Private Bank – Philippines

Best Domestic Private BankPhilippines


Unionbank Private Banking

Best Domestic Private Bank – Philippines

Arlene Joan Tanjuaquio-Agustin

head of Private Banking Union Bank of the Philippines

“It is truly an honour for UnionBank Private Banking to receive this prestigious award for the third year. We are grateful for clients’ unwavering trust and confidence as we unlock possibilities for them, through delivering a premium quality of service, especially during a global pandemic.

In times of uncertainty, clients have turned to us for guidance to manage their investment portfolios. As a bespoke wealth management solutions provider, UnionBank Private Banking has positioned itself as the clients’ partner in navigating their wealth towards financial legacy. It is our mission to fulfil clients’ dream to grow their wealth, accumulate it for the long term, and eventually pass it on to the next generation.

In strategic alliance with global private bank Lombard Odier, we provide world-class investment strategies and advisory services, with a local touch, to the Philippine market.

This is a strong affirmation for UnionBank Private Banking and we look forward to many more years of excellence in the wealth management industry.”

Winners rationale

Since it was launched in 2019, UnionBank Private Banking has established itself as one of the most recognised private banks in the Philippines, thanks to a focus on “unlocking possibilities” for clients by offering a well-rounded, bespoke, open-architecture wealth management service and advisory.

Despite being a new entrant to the wealth management industry in the Philippines, the bank has delivered a strong performance in 2021, surpassing even its own targets for the year.

UnionBank Private Banking showed a 44% increase in FY21 AUM, with a compound annual growth rate of 35% from 2019 to FY21. In terms of new accounts, the bank garnered a 53% increase in the number of accounts in 21FY compared to 2020.

In the complex and ever-evolving world of wealth management, UnionBank Private Banking understands the importance of pairing a global network of capabilities and expertise, with localised relationships and experience. The bank has formed a strategic alliance with Lombard Odier, providing clients access to holistic wealth management solutions and globally diversified investment portfolios. This has elevated the bank’s service and allowed for global investment capabilities with a “local touch”.

On training talent, the bank draws on its alliance with a global private bank Lombard Odier to acquaint its relationship managers with family office services and ensure a high quality client service, exemplified by regular product and services training, fund briefings & market outlook seminars. UnionBank Private Banking is also planning to expand its manpower in support of its growing business.

In terms of offerings, UnionBank Private Banking has brought into play the platform from its partners to offer clients a holistic succession planning, discretionary and advisory portfolio management, and custody services.

On the funds selection side, the bank enables clients to gain access to over 100,000 offshore investment funds from more than 2,000 fund groups — including some of the largest global fund managers, such as BlackRock and Vanguard.

As a pioneer in the promotion of the importance of the next-gen services in the Philippines, UnionBank Private Banking launched its NextGen Academy together with Lombard Odier to educate the next-gens on investment and prepare them for a smooth transition of wealth and the family legacy. The flagship event offers next-gen clients an opportunity to attend multiple relevant courses, across several weeks of workshops and talks.

In 2020, the event was transformed into a digital format allowing the participation of a record 530-plus registrants from different countries and regions.

As a newly established private bank in Asia, UnionBank Private Banking has shown tremendous strength and ambitious strategies to bring the best to its clients. It therefore wins Asian Private Banker’s Best Domestic Private Bank – Philippines 2021 Award for Distinction.

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