MANILA — Union Bank of the Philippines said on Monday its board approved the infusion of additional capital to its digital bank arm to boost growth.

In a disclosure to the stock exchange, UnionBank said an additional P900 million capital for UnionDigital Bank Inc was approved.

"Please be informed that the Board of Directors of Union Bank of the Philippines at its meeting held on June 23, 2023, approved the infusion of additional capital of Php900.0 Million in UnionDigital Bank Inc. to support business growth," it said.

UnionDigital is one of the only 6 financial firms with a digital banking license from the Bangko Sentral ng Pilipinas.

Digital banks are fully online entities with no physical branches.

• UnionDigital says $70M loan book, $50M deposits reached in just 4 months
• BSP approves UnionBank application to create digital bank
• Digital banks can offer 'better' remittance pricing, says UnionDigital

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