PR Savings Bank buyout seen a done deal by Q2
There will be a new member of the Union Bank family if things go well.
City Savings Bank, Inc. has entered into a share purchase agreement to fully acquire the Philippine Resources (PR) Savings Bank, a thrift lender based in Isabela.
CitySavings, a unit of the Aboitiz clan’s Union Bank of the Philippines, said the acquisition on PR Savings from the ROPALI Group is expected to materialize soon.
“The transaction is subject to closing conditions and regulatory approval, targeted by the 2nd quarter 2018,” the bank said in a statement.
Any merger or acquisition in the banking sector must be approved by the Bangko Sentral ng Pilipinas.
CitySavings has said that its buyout of PR Savings will form part of its expansion plans, particularly across Luzon.