UnionBank, ATRAM Group finalize trust units’ merger

May 11, 2025 | 12:00am

MANILA, Philippines — Union Bank of the Philippines has officially sealed a strategic partnership with the ATRAM Group, culminating in a merger of their respective trust operations to form what will become the fourth-largest private asset management firm in the country.

The move follows regulatory approval from the Bangko Sentral ng Pilipinas in April and formalizes a deal first announced in November 2024.

Existing ATRAM shareholders retain the remaining 72.5 percent.Under the agreement, UnionBank acquired a 27.5-percent stake in ATR Asset Management Inc. (AAMI), while AAMI simultaneously acquired 100 percent of UnionBank’s trust subsidiary, UnionBank Investment Management and Trust Corp. (UBIMTC).

To implement the transaction, UnionBank sold all 300 million shares of UBIMTC at P1 per share, raising P300 million.

The bank then used the proceeds to purchase 82.97 million shares of ATRAM at P3.61 per share.
Broken down, UnionBank paid P67.5 million to ATR KimEng AMG Holdings Inc. for 25 million shares and P232.5 million to ATRAM for the rest.

The result is a combined entity with over P485 billion in assets under management, bringing together UnionBank’s digital banking infrastructure and reach with ATRAM’s deep asset management expertise.

“This milestone marks a pivotal step for UnionBank as we combine our digital leadership with ATRAM’s investment expertise to create a smarter, more accessible wealth solutions for Filipinos,” UnionBank president and CEO Ana Maria Aboitiz Delgado said.

“Together, we’re redefining asset management through digital-first innovation,” she said.
ATRAM Group CEO Michael Ferrer said the partnership would power next-generation world-class digital investment solutions that grow client wealth.

“By leveraging digital innovations with our investment expertise, we are set to drive long-term financial growth and raise industry standards,” Ferrer said.

ATRAM is engaged in asset management and investment advisory services, managing portfolios that include mutual funds, trust assets, insurance portfolios and real estate for both proprietary and third-party clients.

UBIMTC was a trust corporation offering bespoke trust and investment solutions such as trusteed accounts, investment management services, escrow agency, custodianship and other fiduciary services

The completion of the transaction now sets the stage for the full integration of operations between the two firms.

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