Money

UBP makes L-V connection with City Saving?s takeover of PR Savings

Union Bank of Philippines? (UBP) purchase of PR Savings Bank is seen as a perfect marriage with its thrift bank, City Savings Bank.

Union Bank of Philippines? (UBP) purchase of PR Savings Bank is seen as a perfect marriage with its thrift bank, City Savings Bank.

PR Savings, No. 14 thrift bank in the country, will double City Saving?s branch network and give the Aboitiz-controlled bank an established network in Luzon.

The Cauayan City-based PR Savings has 102 branches mostly located in Luzon which would fit perfectly with City Savings? 104 branches in Visayas.

PR Savings owners, the Ropali Group, are strong in motorcycle and agricluture trade and they coud provide City Saving with synergies to penetrate new mass markets.

?This acquisition will expand our mass market reach, consistent with our vision to promote inclusive growth in the country,? UnionBank President and incoming CEO Edwin Bautista said.

UBP agreed to buy 100 percent of the common shares of PR Savings which has assets of P12.9 billion.

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