UnionBank OKs resignation of 3 senior officers
UNION BANK of the Philippines (UnionBank) on Monday said it has accepted the resignation of three assistant vice-presidents from its consumer banking group, marking a series of management changes in the Aboitiz-led lender’s retail operations.
In a disclosure to the Philippine Stock Exchange, the bank said the departures include ATM Services Manager and Assistant Vice-President Maria Louisa S. Doce, Consumer Banking Product Development head and Assistant Vice-President Anna Margarita A. Gapac and Government and Debit Cards Channel head and Assistant Vice-President Ma. Nerliza A. Centeno.
Ms. Doce’s resignation will take effect on Oct. 23. Ms. Gapac, who also resigned due to personal reasons, will step down on Oct. 25, while Ms. Centeno opted for early retirement effective Oct. 22, the lender said.
UnionBank had not yet announced their replacements.
The management changes come as the bank continues to navigate tighter margins and higher provisioning expenses. Its net income fell 40.5% year on year to P1.82 billion in the second quarter due to lower loan interest earnings and increased credit provisions.
In the first half, its consolidated profit stood at P3.25 billion, down 38.9% from a year earlier.
UnionBank has been focusing on digital banking and technology-driven services after its acquisition of Citigroup, Inc.’s local consumer banking business in 2022. The lender is also among the first in the country to operate a digital bank under its UnionDigital unit.
UnionBank shares closed at P29 each, down 0.34% or 10 centavos from the previous trading day. — Aaron Michael C. Sy
