Banco Unión was founded in 1981 as Banco de La Unión. Its first office opened in La Paz in May 1982. Offices were opened in Santa Cruz in October of that year.
The bank is part of Grupo Unión, of which the investment broker Valores Unión and the mutual fund firm Safi Unión are also subsidiaries.
Banco Unión offers microfinance products that are especially designed to support small businesses in Bolivia.
Services for Individuals
Checking accounts, credit cards, loans, mortgages, trusts, savings accounts and fixed term deposits are among the personal banking products offered by Banco Unión.
Checking accounts can be in bolivianos or US dollars.
Savings accounts and time deposit accounts can be in bolivianos, US dollars or Unidades de Fomentos de Vivienda (UFVs), a unit of currency that was created by Banco Central de Bolivia to be used for the financing of homes.
Banco Unión offers a savings plan for students, Plan Universitario. This plan accepts only US dollars.
Banco Unión offers bill payment services, tax payment services, bank checks and certified checks. Foreign currency can be bought and sold.
Banking can be done on the telephone, via the internet and at ATMs.
Banco Unión is an authorized agent of Western Union.
Business customers of Banco Unión can have checking accounts in bolivianos and US dollars; savings accounts and time deposit accounts can be in bolivianos, US dollars or UFVs.
Debit cards and credit cards are available.
Services for Businesses
The bank offers businesses lines of credit as well as loans of capital for operations and for investments.
Businesses can set up trusts through the bank.
Banco Unión allows business to pay utility bills, credit card charges and other bills, such as school fees, in a branch, online or via automatic direct debit.
Business taxes can be paid in a branch,
All of the employees of a business customer are eligible to use the bank’s services, including its debit card and its ATM network. The bank provides a direct deposit service for employee salaries.