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The merger consolidates the 2 monetary firms’ belief companies — Union Financial institution Funding Administration and Belief Company and ATRAM Belief Company (ATC) — with ATC because the surviving entity
MANILA, Philippines – Aboitiz-led Union Financial institution of the Philippines (UnionBank) introduced on Monday, November 11 its merger with wealth administration firm ATRAM Group that consolidates their respective belief companies.
In a disclosure with the Philippine Inventory Change, UnionBank mentioned that beneath the funding settlement with the ATRAM Group, UnionBank will maintain a 27.5% stake in ATR Asset Administration Integrated whereas present ATRAM shareholders will retain the remaining 72.5%.
The ATRAM Group mentioned the merger “modifications the sport within the asset and wealth administration business” because it creates a “main participant within the belief business with mixed property beneath administration of over P485 billion” thus “considerably rising scale and capabilities.”
“A results of the funding will probably be a merger consolidating their respective Belief Corp subsidiaries, Union Financial institution Funding Administration and Belief Company (UBIMTC) and ATRAM Belief Company (ATC), with ATC because the surviving entity. This merger goals to leverage the strengths of each organizations, creating a sturdy platform for development and innovation within the asset and wealth administration sector,” UnionBank mentioned.
UnionBank is a pioneer in digital banking within the Philippines with over 15 million shoppers. ATRAM says it has greater than 2 million retail traders via its digital platforms and partnerships.
“This partnership permits us to strengthen our choices and supply much more tailor-made companies to our clients, particularly our bigger wealth shopper base on account of the acquisition of Citibank Philippines’ shopper banking enterprise,” mentioned UnionBank President and CEO Edwin Bautista.
“We’re dedicated to making sure they’ve entry to the very best monetary options accessible whereas additionally creating broader profession alternatives for our workers in a bigger and really dynamic group,” he added.
ATRAM CEO Michael Ferrer mentioned “this merger represents a milestone for ATRAM as we align with UnionBank, a pacesetter in digital innovation.”
“Collectively, we’ll change the sport and redefine the asset administration panorama within the Philippines. Our shoppers will profit from an expanded suite of funding options, enhancing the worth and repair we ship,” Ferrer mentioned.
The ATRAM Group presents mutual fund, unit funding belief fund and belief companies to its shoppers.
“By integrating UnionBank’s digital experience with ATRAM’s modern asset administration options, the partnership goals to supply shoppers with a various vary of high-quality monetary merchandise,” ATRAM mentioned.
The merger is topic to regulatory approvals.
AlphaPrimus Advisors acted as monetary advisor to ATRAM whereas Change Fairness Companions served as monetary advisor to UnionBank within the transaction.
UnionBank is a publicly listed common financial institution. Its main shareholders are Aboitiz Fairness Ventures, Social Safety System, and Insular Life Assurance Restricted.
ATRAM Group is owned by three shareholder teams: ATR Holdings Integrated, BHF Companions Holdings Integrated, and A. Soriano Company via its guardian firm ATRAM Funding Administration Companions Company and subsidiary ATR KimEng AMG Holdings Integrated.
ATRAM’s headquarters is in Rockwell, Makati Metropolis. – Rappler.com
