Unionbank ties up with Lombard Odier

MANILA, Philippines – Aboitiz-led Union Bank of the Philippines has partnered with a leading global wealth and asset manager with $224 billion worth of funds to cater to the needs of its high and ultra-high net worth clients.

Joselito Banaag, senior vice president and general counsel of UnionBank, informed the Philippine Stock Exchange (PSE) it has signed a cooperation agreement with Geneva-based Lombard Odier last Aug. 16.

Lombard Odier is one of the best-capitalized banks in the world with Tier 1 capital ratio almost three times the minimum Basel III requirement and almost double the minimum requirement for the Swiss financial regulator.

Banaag said the agreement would see the launch of a global and diversified multi-asset fund with a risk profile matching UnionBank’s specific needs for its clients.

UnionBank posted a 30 percent increase in net income to P3.9 billion in the first half from P3 billion in the same period last year amid the strong growth in the bank’s interest and fee-based earnings.

“This significant increase shows that our income is definitely sustainable,” UnionBank president and COO Edwin Bautista earlier said.

UnionBank’s assets stood at P439 billion as of end-June.

It is spending P1 billion for its capital expenditures this year. The bulk of the amount would go to the bank’s digitalization efforts, while the balance would be used to expand its current network of 300 branches.

Lomband Odier has 26 offices around the world to serve clients in Europe, the Middle East, Asia, Latin America as well as other growing and emerging economies. The bank’s investment professional are based in New York, London, Singapore, Hong Kong, Tokyo, Luxemburg, and Switzerland.