Robinsons Bank ventures into insurance brokerage

MANILA, Philippines — Gokongwei-led Robinsons Bank Corp. is expanding its footprint in the insurance business by acquiring a 40-percent stake in Unicon Insurance Brokerage Corp. to address the changing needs of its clients.

Robinsons Bank acquired 85,000 unissued common share of Unicon from JG Summit Holdings Inc.

Elfren Antonio Sarte, president and chief executive officer of Robinsons Bank, said the bank and Unicon aim to respond to the needs of their clients by providing insurance solutions that suit the demands of the market.

“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,” Sarte said.

Robinsons Bank chairman and Unicon chairman and president Lance Gokongwei said there is a strategic fit in forming an alliance between the two companies.

Gokongwei, who is also president and CEO of JG Summit, said 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 Robinsons Bank would 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,” Gokongwei said.

Unicon has been supporting the JG ecosystem through its insurance solutions.

However, with the goal to expand market base and serve the insuring public outside of the conglomerate, Unicon sees to benefit from Robinsons Bank through its wide network of branches, agency banking services, and digital banking channels.