UnionBank and ATRAM Announce Merger

Union Bank of the Philippines (UnionBank) and the ATRAM Group have entered into an investment agreement. Upon completion of the transaction, UnionBank will hold a 27.5% ownership stake in ATR Asset Management Inc. (ATRAM), while existing ATRAM shareholders will retain the remaining 72.5%.

A result of the investment will be a merger consolidating their respective Trust Corp subsidiaries, Union Bank Investment Management and Trust Corporation (UBIMTC) and ATRAM Trust Corporation (ATC), with ATC as the surviving entity. This merger aims to leverage the strengths of both organizations, creating a robust platform for growth and innovation in the asset and wealth management sector.

The merger will create a leading player in the trust industry with combined assets under management (AUM) of over Php485 billion based on the latest data, significantly increasing scale and capabilities. By integrating UnionBank’s digital expertise with ATRAM’s innovative asset management solutions, the partnership aims to provide clients with a diverse range of high-quality financial products.

UnionBank is the leading retail bank and pioneer in digital banking, serving over 15 million banking clients while ATRAM has democratized investing by providing access to over 2 million retail investors through its digital platforms and partnerships. Both companies have been recognized with numerous awards and accolades for excellence in their respective fields.

Edwin R. Bautista, UnionBank President and CEO said, “This partnership allows us to strengthen our offerings and provide even more tailored services to our customers, especially our larger Wealth client base as a result of the acquisition of Citibank Philippines’ consumer banking business. We are committed to ensuring they have access to the best financial solutions available while also creating broader career opportunities for our employees in a larger and very dynamic organization.”

Michael V. Ferrer, Chief Executive Officer of ATRAM, stated, “This merger represents a milestone for ATRAM as we align with UnionBank, a leader in digital innovation. Together, we will change the game and redefine the asset management landscape in the Philippines. Our clients will benefit from an expanded suite of investment solutions, enhancing the value and service we deliver.”

The investment and merger are subject to regulatory approvals and follow a rigorous evaluation process to ensure a seamless integration that prioritizes client service and employee well-being. AlphaPrimus Advisors acted as financial advisor to ATRAM while Exchange Equity Partners served as financial advisor to UnionBank in the transaction.

About UnionBank

Union Bank of the Philippines (UnionBank) is a publicly listed universal bank in the Philippines. Its major shareholders are Aboitiz Equity Ventures, Inc. ("AEV"), Social Security System ("SSS") and Insular Life Assurance Company, Ltd. ("Insular Life"). UnionBank embraces the future of banking and is largely regarded as the country's pioneer in digital banking that delivers superior customer experiences across all channels for both its retail and corporate customers. It remains a digital trailblazer and has developed best-in-class, customer-centric, and technology-driven retail and institutional banking solutions such as its highly rated and most downloaded mobile banking app, UnionBank Online and its business banking platform, The Portal. For several years, the Bank has been recognized and awarded by various prestigious institutions in areas of retail banking, digital transformation, people, and culture.

For more information: www.unionbankph.com

About the ATRAM Group

The ATRAM Group is the leading independent asset and wealth management firm serving institutional clients and retail customers through intermediaries, by providing innovative products and unique customer experiences delivered through technology-enabled platforms. Its goal is to secure its clients’ financial future.

As a multi-awarded asset management company, ATRAM strives to deliver exceptional results and personalized solutions tailored to clients' unique needs. ATRAM is a pioneer in global feeder funds, alternative investment products, digital investment and pension platforms including Personal Equity Retirement Account (PERA), and continuously pushes boundaries to redefine the industry through innovation and product development.

ATRAM is currently owned by three shareholder groups, ATR Holdings, Inc, BHF Partners Holdings, Inc, and A. Soriano Corporation through its parent company ATRAM Investment Management Partners Corporation and subsidiary ATR KimEng AMG Holdings, Inc. ATRAM operates through ATRAM Trust Corporation and ATR Asset Management Inc., with its headquarters located in 8 Rockwell Building, Rockwell Center, Makati City.

For more information: www.atram.com.ph