Bangko Sentral Okays Union Bank Stock Dividend

The Union Bank of the Philippines has announced that Bangko Sentral ng Pilipinas has approved the amendments to Article 7 of the Bank’s Articles of Incorporation to increase the authorized capital stock from Php23,114,224,200.00 to Php35,307,852,380.00.

Photo Insert: Aboitiz banking subsidiary Union Bank of the Philippines (UnionBank)

Earlier, the Board of Directors of Union Bank of the Philippines (the “Bank”) at its meeting held on June 25, 2021, approved the declaration of 25% stock dividends equivalent to Php3,048,407,050.00 to fund the required 25% of the increase in authorized capital stock amounting to Php12,193,628,180.00.

Fractional shares resulting from the stock dividend declaration will be paid in cash based on the closing rate of Php74.90 on June 25, 2021, the date of approval by the Board of Directors of the stock dividend declaration, and computed up to two (2) decimal places.

During the special meeting of the stockholders of the Bank held on August 11, 2021, which was conducted virtually via https://asm.unionbankph.com, approved the (a) amendment of the Bank’s Articles of Incorporation to increase the authorized capital stock from Php23,114,224,200.00 to Php35,307,852,380.00, with the increase of Php12,193,628,180.00 equivalent to 1,219,362,818 common shares with a par value of Php10.00.; and (b) declaration of 25% stock dividends in the amount of Php3,048,407,050.00 equivalent to 304,840,705 common shares with a par value of Php10.00, to comply with the required 25% subscription of the increase in authorized capital stock.

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