11 months UnionBank embarrasses itself in fraudulent account case Manilatimes |Biz
BEN KRITZTHERE are times when the behavior of some sound, respected companies here in the Philippines is utterly baffling. A current example is Aboitiz-led UnionBank, the nation’s seventh largest bank in terms of assets and generally considered among the most stable and well managed banks in the Philippines. In a letter to the Bangko Sentral ng Pilipinas Financial Consumer Protection Department on June 6, real estate developer Philand Property Corp. accused UnionBank of “unsound banking practices” in a fraud case that has dragged on for nearly 10 years. The details of the complaint are so unambiguous, and the amount ... more