UnionBank is a partnership among the Aboitiz Group, Insular Life and Social Security System. It started operations in 1981 and became a commercial bank by January 19, 1982. In July 1992, UnionBank was granted the license to operate as a universal bank. The bank acquired the International Corporate Bank (Interbank) in 1994. Among Philippine banks, UnionBank stands out for its strategy, execution and performance. While many banks went for size and market share via large balance sheets, UnionBank has followed a highly focused differentiation strategy that emphasizes innovation and service. It has put technology at the heart of its business. Information and network access are a core UnionBank offer. Today multiple channels are available for transaction and information access: 111 branches nation wide, 94 ATMs (as of June 2004), a call center and Internet bank, . UnionBank is among the industry's best in key performance measures: absolute profit, cost-to-income ratio, return on equity, return on assets, revenue/expense ratios, market capitalization, and earnings per share. In 2002 & 2003, the bank was recognized as among Asia's best companies by Euromoney and Finance Asia. UnionBank is also the country's only bank to make it to the list of the world's 25 soundest banks for four consecutive years by The Banker of London. In strategic business, the bank is a recognized leader and premier provider of corporate cash management & B2B solutions to leading local and multinational companies. Its other strengths are in Treasury services & capital markets, Internet banking, consumer finance and distribution network.