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Philippine Competition Commission Apr 14, 2018 @ 16:16

PCC approves CitySavings’ buyout of PR Bank


There’s no stopping this merger now.

The Philippine Competition Commission (PCC) has approved the plan of Aboitiz-owned thrift lender City Savings Bank, Inc. of the Philippine Resources Savings Bank Corporation.

In a decision rendered on April 5, the competition body allowed the buyout with the view that the acquisition “is not likely to result in a substantial lessening of competition in the relevant market.”

The ROPALI Group owns PR Savings Bank, which is based in Isabela.

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