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UnionDigital Bank gets green light to operate
The Bangko Sentral ng Pilipinas has granted UnionDigital Bank a certificate of authority to operate as a digital bank. This certificate is the final stage in the three-stage digital bank license application process.
UnionDigital Bank, a subsidiary of Aboitiz-led Union Bank of the Philippines, is now live to a limited set of customers. The app is currently available by invitation only.
The digital bank said it aims to “empower the country’s journey toward a fully digital economy, enabling Filipino communities, businesses, and regulators to leverage on Fintech, Blockchain, and open finance technologies to achieve inclusive prosperity.”
SEC clears megawide’s P4-billion bond sale￼
Megawide Construction Corporation was cleared by the Securities and Exchange Commission to sell P4 billion worth of bonds.
Megawide plans to offer up to P3 billion of Series A bonds due 2026 and five-year Series B bonds due 2027.
Proceeds will be used to refinance debt and fund its capital expenditures. The sale will be from July 28 to August 5.
BPI profits up 73% in 1st half 2022
The Bank of the Philippine Islands (BPI) saw its first semester profits jump 73% to P20.4 billion, as revenues and an asset sale boosted 2nd quarter earnings.
If not for its sale of a property in Makati City, first semester earnings jumped by just 24% to P16.7 billion.
Revenues were up 20% to P57.6 billion, while net interest income increased 16.2% to 39.3 billion. Non-interest income was up 28.3% to P18.3 billion.
BPI’s bottomline was also propped up by lower loan loss provisioning.