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UnionBank of the Philippines, under the control of the billionaire Aboitiz family, has appointed Ana Maria Aboitiz Delgado as its President and CEO, effective January 2025. This move aims to expand the bank’s retail banking presence nationwide.
Delgado, a fifth-generation member of the Aboitiz family and daughter of the late Roberto Eduardo Aboitiz, will take over from Edwin R. Bautista. Bautista played a crucial role in transforming UnionBank into one of the Philippines’ leading banks. The bank’s acquisition of Citibank’s consumer banking business in 2022 for 45.3 billion pesos ($774 million) solidified its position among the top five retail banks in the country, serving 15 million customers.
Delgado has been with UnionBank since November 2003, starting as a management trainee. She has since climbed the ranks, overseeing the development of banking services for small and mid-sized enterprises, consumer finance, and digital touchpoints. In July 2023, she expanded her responsibilities to include the head of the institutional banking business.
Erramon Aboitiz, chairman of UnionBank’s board of directors, expressed confidence in Delgado’s leadership, emphasizing her ability to continue the bank’s digital transformation initiated by Bautista. This transformation is integral to UnionBank’s goal of becoming a premier retail bank.
Beyond UnionBank, the Aboitiz family’s interests are managed through their listed holding company, Aboitiz Equity Ventures, which spans sectors such as power, food, infrastructure, and real estate. Recent acquisitions include Citibank’s consumer banking operations in the Philippines, the Mactan Cebu International Airport, and a minority stake in Coca-Cola Beverages Philippines.
The family’s privately held holding company, Aboitiz & Co., was founded by Paulino Aboitiz in the late 1800s, originally operating as an abaca trading and general merchandise business.
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