The Union Bank of the Philippines, Inc., more commonly known as UnionBank, is one of the universal banks in the Philippines and the tenth-largest bank in the country by assets. UnionBank is a joint consortium among the Aboitiz Group, Insular Life, and Social Security System. It started operations in 1981 and became a commercial bank on January 19, 1982. In July 1992, UnionBank was granted the license to operate as a universal bank.