The Aboitiz group obtained the Monetary Board’s approval to acquire a controllng stake in First Agro Industrial Rural Bank which has P360 million in total resources and 11 branches.
The purchase wll be made by subsidiaries
Union Properties Inc. And City Savings Bank, Inc., both wholly-owned subsidiaries of Union Bank of the Philippines.
“We are thrilled about this acquisition because it serves as a first step in serving our unbanked countrymen,? said Eugene S. Acevedo, CitySavings chairman and UnionBank SVP.
CitySavings is the thrift banking arm of UBP while UPI is engaged in managing the buildings and other real properties which are either wholly- or partially-owned by UBP.
After the acquisition, FairBank will remain structurally separate and will maintain and keep its company name and organization as well as its brand identity as a ?dependable partner for a brighter future?.
Established in 1999, FairBank has more than 200 employees, 10,000 borrowers and over 20,000 depositors.
?FairBank, from its inception, has always been aimed at serving the microfinance community. With this partnership, we hope to further the reach of our services to the under-served communities around the Visayas and beyond. This partnership shall strengthen our tenacity and open new possibilities,? said FairBank president Dinah FernanVerallo.