Union Bank SRO shares list today

The shares from the Union Bank [UBP 34.00, down 3.7%; 43% avgVol] stock rights offering (SRO) [link] will be listed today. Of the ~327 million common shares for sale in the SRO, 319 million were sold in the 1st round of the SRO, and 8 million were sold in the 2nd round. No final round or “Underwriter’s Take-up” was required.

MB bottom-line: UBP’s stock price has been on a fairly consistent downward trend since February 2023, when it was worth approximately P74.50/share. It’s down 54% since then. There have been some ups and downs, but the lows and the highs just keep going lower. Over that same span, UBP’s retail banking competitors like BPI [BPI 120.20, down 0.5%; 117% avgVol] and BDO [BDO 130.50, up 0.2%; 170% avgVol] are up 10.5% and 6.9% respectively, in stark contrast to UBP’s massive drop in price. Will the higher incomes promised by the absorption of Citigroup’s PH-based retail banking business pay off for shareholders soon?

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