Union Bank of the Philippines—controlled by the billionaire Aboitiz family—is merging its trust business with the ATR Asset Management (ATRAM) to create a trust company with a combined assets under management of over 485 billion pesos ($8.3 billion).

Under the deal, Union Bank said it will acquire a 27.5% stake in ATR Asset Management Inc. (which has two million clients) for 300 million pesos while selling its wholly-owned unit UnionBank Investment Management Trust Corp. to the local money manager for the same amount. Existing ATR Asset shareholders will own the rest of the combined entity.

“This partnership allows us to strengthen our offerings and provide even more tailored services to our customers, especially our larger wealth client base as a result of the acquisition of Citibank Philippines’ consumer banking business,” Edwin Bautista, president and CEO of Union Bank, said in a statement. “We are committed to ensuring they have access to the best financial solutions available while also creating broader career opportunities for our employees in a larger and very dynamic organization.”

Union Bank is among the nation’s biggest lenders by assets and has over 15 million depositors. The bank acquired Citigroup’s consumer bank business in 2021 for 55 billion pesos to expand its presence in higher margin lending while scaling up its digital banking operations to boost its consumer loan portfolio.

The lender is a unit of Aboitiz Equity, one of country’s biggest conglomerates with interests in power, banking and financial services, food, and real estate. With an estimated $2.2 billion in net worth, the Aboitiz family ranked No. 10 on the list of the Philippines’ 50 Richest when it was last published in August.