Union Bank Financial News

Philippine’s Union Bank has become the first and only bank in the country to receive a license from the Bangko Sentral ng Pilipinas (BSP) to operate as a virtual asset service provider (VASP).

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ACRE), an Ares Management-backed asset reconstruction company, is set to acquire a Visa Steel loan of ₹411 crore from Union Bank of India after no other bidders participated in the Swiss Challenge process. Union Bank held an auction on August 28 after the binding offer by ACRE triggered a Swiss challenge auction. ACRE was declared the successful bidder in the absence of counteroffers at the auction. The offer of upfront cash of ₹143 crore by ACRE equates to a recovery of 35%.

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Adani Enterprises: Kempas Trade and Investment Ltd., a promoter of Adani group, has said that it increased its stake in the group's flagship Adani Enterprises buying a 2.22% stake in the company from the open market between 7 August and 18 August. The stake purchase could be worth ₹6,348.12 crore according to the volume weighted average price of Adani Enterprises during that period. With the latest purchase, Kempas Trade and Investment’s promoter stake in Adani Enterprises has risen to 69.87% from 67.65%.

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Union Bank of India's board has approved raising of up to ₹5,000 crore through qualified institutional placement (QIP) and set a floor price of ₹91.10 per share, according to a regulatory filing today. The committee of directors of the public sector bank made the decision to raise capital funds during their meeting earlier in the day.

Union Bank of India on Thursday reported more than 100 per cent jump in net profit at Rs 3,236 crore in the June quarter, aided by a decline in bad loans and improvement in interest income. The Mumbai-based lender had posted a net profit of Rs 1,558 crore in the year-ago period. Total income in the first quarter of the current fiscal rose to Rs 27,381 crore from Rs 20,991 crore in the same period a year ago, Union Bank of India said in a regulatory filing.

Union Bank of India Q1 Results: Union Bank of India announced its April-June quarter results for fiscal 2023-24 (Q1FY24) on July 20, reporting a surge of 107 per cent in net profit to ₹3,236 crore on a standalone basis, compared to ₹1,558.5 crore in the corresponding period last year. The profit after tax has almost doubled in the June quarter driven by a higher core income and significantly lower provisions reported by the state-owned lender. The bank's net interest income - the difference between interest earned and interest expended, grew 16.6 per cent to ₹8,839.7 crore in the first quarter of current fiscal, compared to ₹7,581.7 crore in the year-ago period.

Digital asset management technology METACO announced that the Union Bank of the Philippines is now live on its flagship platform Harmonize, to launch a pilot program for crypto custody and trading services for select retail customers.

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The Union Bank of the Philippines (UnionBank), one of the largest universal banks in the Philippines, debuts cryptocurrency trading via a partnership with a Swiss crypto firm.

Union Bank of the Philippines (UnionBank) plansto choose Metaco and IBM to enhance cryptocurrency trading and custody services, taking advantage of the Asian country's rapid adoption of digital tokens.

On Thursday, Metaco, an enterprise cryptocurrency platform for securing, trading, issuing, and managing digital assets, announced the addition of UnionBank as its latest client. Founded in 1982, UnionBank is one of the largest banks in the Philippines, with a collective $15 billion in assets under management. UnionBank will be also be deploying its digital asset management services on the IBM Cloud, which are fully integrated with Metaco's solutions.