Union Bank of the Philippines has positioned itself for success through the acquisition of CitiBank’s consumer business and the use of blockchain technology
In a strategic move, Union Bank of the Philippines (UnionBank) acquired US-based Citibank’s consumer business in the country, marking a pivotal moment in the Filipino bank’s journey toward growth and innovation.
The success of this acquisition can be attributed to UnionBank’s meticulous planning and commitment to empowering its workforce, coupled with a forward-thinking approach to embracing new technology.
Recognising the significance of the transition, the bank launched the #OneWithU integration programme, an initiative designed to assimilate the Citibank workforce seamlessly. UnionBank’s commitment to an inclusive approach ensured roles and opportunities were extended to all employees, fostering an environment where everyone felt valued.
The omni-channel communication strategy implemented during this transition was crucial in achieving an 88% job offer acceptance rate, the highest in any Citibank consumer division acquisition worldwide. This success can be attributed to UnionBank’s focus on exceptional employee experience, resulting in high engagement and sustained retention rates.
Blockchain innovation
UnionBank has also boldly ventured into digital asset services, positioning itself at the forefront of the future digital economy. The bank’s strategic objective revolves around leveraging blockchain technology to establish a secure, transparent and highly efficient ecosystem for trading and managing digital assets.
The integration of virtual asset exchange services (VAES) into the UnionBank Online mobile banking app has been a game-changer. This functionality allows users to activate their UnionBank crypto wallet, facilitating the seamless buying and selling of Bitcoin directly through the app.
In addition, the bank’s recent attainment of a full licence to operate as a virtual asset service provider (VASP) from central bank Bangko Sentral ng Pilipinas (BSP) is a significant milestone, solidifying its position as a key player in the country’s digital finance landscape.
UnionBank’s transformation of its mobile app into a one-stop solution for managing both traditional and virtual assets simplifies the customer experience. Clients can diversify and manage their financial portfolios effortlessly without the need to open or manage separate wallet services.
Union Bank of the Philippines has won the Best Onboarding Programme and Advances in the Use of Blockchain awards at the Annual Retail Banker International Asia Trailblazer Awards 2024. The bank has also been highly commended in the Excellence in Employee Recognition category.