Money

It’s final: City Savings to absorb PR Savings Bank

A year-long journey has reached its destination.

A year-long journey has reached its destination.

The Aboitiz-owned City Savings Bank can finally call ROPALI Group’s PR Savings Bank as its own after hurdling all the regulatory approvals needed for the merger.

The thrift bank will be absorbing the operations of PR Savings after the Bangko Sentral ng Pilipinas approved the merger plan laid out by the financial firm, where City Savings will be the surviving entity.

It all started on Dec. 29, 2017 when its parent Union Bank of the Philippines executed a Share Purchase Agreement for the two smaller lenders.

By June 2018, the central bank already approved the merger proposal “in principle,” prior to the final nod given on Dec. 27, 2018.

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