UNION BANK of the Philippines, Inc. (UnionBank) plans to shut down its wholly owned subsidiary Union Data Corp. (UDC)

“Please be informed that the Securities and Exchange Commission approved the amendment of Article IV of the Articles of Incorporation of UDC shortening the corporate term of existence, thereby dissolving the corporation,” the Aboitiz-led bank said in a disclosure to the local bourse on Wednesday.

UnionBank did not respond to a request for statement as of press time.

The bank’s net income rose by 76% to P3.5 billion in the third quarter. This brought its nine-month net profit to P8.56 billion.

UnionBank’s shares closed unchanged at P35 apiece on Wednesday. — AMCS