According to Banaag, proceeds from the fund raising activity would be used to fund the capital infusion of Union Digital Bank and for other general corporate purposes. Furthermore, the amount to be raised would also finance loan availments by retail, corporate, and commercial customers as well as for other growth opportunities such as investment securities and other assets. Just last May, the Aboitiz-led bank raised P40 billion through a stock rights offering to partially fund the acquisition of the retail banking business of global banking giant Citigroup Inc. in the Philippines. Last June, UnionBank raised P11 billion after investors swarmed the first-ever digital peso bond issuance in the Philippines. The fund raising activity, part of the bank's P39 billion bond program, was oversubscribed as it originally pegged the size at P1 billion.