UNION BANK of the Philippines, Inc. (UnionBank) is looking to raise fresh funds via both the domestic and offshore markets, it said on Monday.

UnionBank’s board of directors on Feb. 28 approved the issuance of $800 million in papers out of its euro medium-term note (MTN) program and P30 billion in bonds from its expanded peso fundraising program, it said in a disclosure to the stock exchange.

“The bank has yet to establish the timetable and other details for these issuances,” it said.

UnionBank’s $2-billion euro MTN program was established in November 2017 and updated in 2020. The unissued balance of the program stands at $1.2 billion.

Meanwhile, at the same meeting, the bank’s board of directors approved the expansion of its peso bond program to P100 billion from P50 billion previously.

On the other hand, the Aboitiz-led bank will also infuse an additional P1.2 billion in capital into its digital banking arm UnionDigital Bank, Inc.

The infusion will “support UnionDigital’s ongoing business operations and enable it to deliver sustainable growth,” it said.

UnionBank in September 2024 injected P1.6 billion in capital into UnionDigital, following an P1.8-billion infusion in November 2023 and a P900-million investment in October 2023.

UnionDigital is one of the six digital banks currently operating in the Philippines, along with Overseas Filipino Bank, a subsidiary of Land Bank of the Philippines; Tonik Digital Bank, Inc.; GoTyme Bank of the Gokongwei group and Singapore-based Tyme; Maya Bank of Voyager Innovations, Inc.; UNObank of DigibankASIA Pte. Ltd.

It secured its license in July 2021 and began operating in July 2022.

UnionBank’s shares declined by five centavos or 0.14% to close at P34.45 apiece on Monday — A.R.A. Inosante