City Savings Bank, the thrift banking arm of the Aboitiz family?s Union Bank of the Philippines, has inked an agreement to acquire the remaining 65 million preferred shares in Philippine Resources Savings Bank.
This gives City Savings 100 percent ownership of the 102-branch thrift bank based in Isabela.
In a filing with the stock exchange, UnionBank said City Savings purchased the shares from the International Finance Corp. at P12.88 per share for a total of P837.2 million.
The acquisition is in line with UnionBank?s goal to expand its mass market reach and promote inclusive growth in the country.
PR Savings, the 14th largest thrift bank in the country, has an asset base of P12.917 billion. It serves over 131,000 borrowers, mostly from the mass market segment.
CitySavings, on the other hand, is the Philippines? fifth largest thrift bank in terms of assets, with P74.44 billion in resources as of the end of June last year. It provides salary loans to public and private school teachers, pension loans, and overseas Filipino worker loans, and traditional deposit products