Robinsons Bank expanded its footprint in insurance offerings by strengthening its investment in a JG Summit Holdings Inc. business—Unicon Insurance Brokerage Corp.
RBank acquired more than 85,000 unissued common shares of Unicon, equivalent to 40 percent of the total outstanding stocks.
UIBC has been strongly supporting the JG ecosystem through insurance solutions. However, with the goal to expand market base and serve the insuring public outside the conglomerate, Unicon expects to benefit from RBank through its wide network of branches, agency banking services and digital banking channels.
“We saw the strategic fit of forming an alliance between 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. This strategic partnership will allow us to offer Filipinos with better choices all while creating shared success with our stakeholders,” said Unicon president and chairman Lance Gokongwei.
“Through this investment, we are able to 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 with more ways by which they can secure their future,” said RBank president and chief executive Elfren Antonio Sarte.
RBank and Unicon aim to respond to the needs of their clients by providing insurance solutions that suit the demands of the market.
With its ambition to become a full-service universal bank, RBank continues to widen its products and services to be responsive to the needs of the Filipino people. In November 2020, RBank renewed its bancassurance partnership with Pru Life UK, which allows the bank to make life insurance products easily available to clients.