Union Bank of the Philippines (PSE:UBP) signed a deal to acquire a 27.5% stake in ATR Asset Management from ATRAM Group, according to a Monday Philippine bourse filing.
Following deal completion, the two entities will merge their Trust Corp units, with ATR Asset Management as the surviving entity.
The combination will create a leading force in the trust industry, combining assets under management topping 485 billion Philippine pesos, the filing noted.
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