UnionBank of the Philippines group is set to acquire the controlling stake of transaction network PETNET, Inc.
In a disclosure to the local bourse on Monday, UnionBank said its subsidiaries City Savings Bank, Inc. and Union Properties, Inc. signed a share purchase agreement with Aboitiz Equity Ventures, Inc. to buy 51% of PETNET.
The acquisition, which will undergo closing conditions and regulatory approval, is expected to be completed by the second quarter of this year. PETNET, commonly known by its retail name PERA HUB, has the largest network of Western Union outlets nationwide. With 2,800 PERA HUB branches in the country, PETNET offers various cash-based financial services such as remittance, currency exchange and bills payment. — Karl Angelo N. Vidal