The Union Bank of the Philippines (UnionBank) has launched a new private banking service to help ultra-high net worth families (UHNWFs) and individuals (UHNWIs) in the Philippines navigate their wealth and build financial legacy. The dedicated service was launched recently at Manila Private House Members Club in Bonifacio Global City, Taguig.
“We decided to launch this business because we want to be there for our clients in realizing their aspiration towards financial legacy. Our mission is to help them grow, preserve and co-manage their wealth. We aim to be part of their journey in transferring this wealth as a legacy to their next generation,” said lawyer Arlene Joan R. Tanjuaquio-Agustin, head of UnionBank private banking group.
Thanks to the strategic alliance between UnionBank and Lombard Odier (Singapore) Ltd, part of global wealth and asset manager Lombard Odier Group, UnionBank’s new private banking arm will combine its local expertise with Lombard Odier’s more than 220 years of private banking experience to offer global wealth and asset management services tailored to the unique needs of Filipino UHNWFs and UHNWIs.
“UnionBank’s strategic alliance with Lombard Odier gives the Bank’s private Banking group the edge in terms of access to global assets, innovative solutions and expertise in wealth management. Both banks complement each other in more aspects than one: a shared vision for innovation, sustainability, and drive for excellence,” said Edwin R. Bautista, president and CEO of UnionBank.
The collaboration with Lombard Odier, one of the largest and oldest private banks in Switzerland and Europe, elevates UnionBank Private Bank’s product and service offerings, to provide clients with a private banking experience that is truly world-class yet with a local touch. UnionBank clients are able to access holistic wealth management solutions, globally-diversified investment portfolios, and expert advisory on family services such as succession planning and wealth structuring.
Speaking from the launch in Manila, Annika Falkengren, managing partner of the Lombard Odier Group added: “We congratulate UnionBank on this exciting development. Lombard Odier is honored to support UnionBank as it embarks on a journey to change the face of private banking in the Philippines. As individual wealth increases, unique challenges are created. With the launch of this dedicated private banking arm we will draw on the strength of our partnership to help clients better navigate these challenges. We look forward to working with UnionBank to cater to the evolving wealth management needs of their clients for decades, and more, to come.”
Building on this expertise, UnionBank will also leverage its position as the leading digital bank in the country to offer private banking that is anchored on innovation, utilizing today’s emerging technologies to streamline the customer experience while making the Bank more agile in providing wealth and asset management services. Through online platforms driven by leading technology, clients will be given the ability to view and manage their investment portfolio and receive comprehensive, accurate, and timely reporting.
Unionbank and Lombard Odier forged a strategic alliance in 2016, providing UnionBank’s onshore clients access to Lombard Odier’s globally diversified, risk-based investment solutions and wealth management expertise. Following this, in 2017, UnionBank collaborated with Lombard Odier to launch one co-managed risk-based fund, enabling UnionBank’s clients to invest globally onshore.
Through innovative digital platforms driven by cutting-edge technology, clients will be given the ability to view and manage their investment portfolios and receive comprehensive, accurate and timely reporting, anytime and anywhere.
A world-class, seamless and holistic private banking experience, integrated with the best digital solutions available—this is what UnionBank private banking is all about.
“Our vision is to be one of the best and top-of-mind private banks within the next five years,” declared Mr. Bautista.