UnionBank named Best Retail Bank for digital innovation and market leadership

UnionBank of the Philippines is driven by innovative digital initiatives, strong partnerships with major retailers, and seamless migration. The bank’s retail deposits grew at a 23% CAGR, significantly outpacing the market average of 11%, while retail loans account for 58% of its total loan portfolio. The addition of Citigroup’s consumer business boosted revenue from PHP 23.7 billion ($435 million) to PHP 42 billion ($ 756 million), a 78% increase, in 2023, and boosted the bank’s net income by 52% in Q2 2024 and expanded its customer base to over 15 million. Leading in digital innovation, the bank migrated Citi customers onto its advanced digital platform, enhancing customer experience, and became the first bank in the Philippines to run workloads on AWS Local Zones, cementing its position as a market leader.