RBank takes 40% stake in insurer
Robinsons Bank (RBank) has acquired 40 percent of the total outstanding stocks of UNICON Insurance Brokerage Corp. (UIBC) as part of a bid to expand its insurance offerings.
RBank said over the weekend the acquisition of more than 85,000 unissued common shares of UNICON would strengthen its investment in JG Summit Holdings Inc. (JGSHI) business.
“Through this investment, we can expand our services and make insurance products, both life, and non-life, more accessible to our clients. This is an opportunity for RBank to offer Filipinos more ways by which they can secure their future,” RBank President and CEO Elfren Antonio Sarte said.
Sarte noted that the partnership would provide insurance solutions that suit the demands of the market.
Wider market base
According to UNICON, the tie-up with RBank would expand its market base and serve the insuring public outside of the conglomerate.
“We saw the strategic fit of allying with the two companies. UNICON has realigned its strategies to provide its services and expertise not only to the JG Summit conglomerate but also to the insuring public as RBank will be able to give UNICON access to a broader market,” UNICON president and chair Lance Gokongwei said.
“This strategic partnership will allow us to offer Filipinos better choices all while creating shared success with our stakeholders,” he added.
RBank continues to widen its products and services as it targets to become a full-service universal bank
In November 2020, RBank renewed its bancassurance partnership with Pru Life UK, which allows it to make life insurance products available to its clients.