City Savings Bank gets BSP approval to acquire PR Savings

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A branch of City Savings Bank, Inc. is seen this file photo. — BW FILE PHOTO

The Bangko Sentral ng Pilipinas has approved the plan of UnionBank of the Philippines’ savings lending arm to acquire Philippines Resources Savings Bank Corp. (PR Savings) of the Ropali Group.

The Abotiz-led lender said in a regulatory filing Thursday that the acquisition of 100% common shares in PR Savings by UnionBank’s subsidiary City Savings Bank was approved by the BSP.

In a letter sent on June 20, the central bank has also authorized in principle the merger between PR Savings and City Savings, with the latter as the surviving entity.

“The acquisition is in line with the company’s goal to expand its mass market reach consistent with its vision to promote inclusive growth in the country,” UnionBank said in the disclosure.

In January, City Savings said it has signed a share purchase agreement with the Ropali Group to fully acquire PR Savings. — Karl Angelo N. Vidal