City Savings Bank Inc. (CitySavings), Aboitiz-led Union Bank’s thrift banking arm, has struck a deal to acquire Philippine Resources Savings Bank (PR Savings), a 102-branch thrift bank based in Isabela.
“This acquisition will expand our mass market reach, consistent with our vision to promote inclusive growth in the country,” Union Bank president and incoming chief executive officer Edwin Bautista said in a press statement on Tuesday.
CitySavings has signed a share purchase agreement to acquire 100 percent of the common shares of PR Savings, representing 66.27 percent of the outstanding capital.
The controlling stake was bought from the ROPALI group of companies, a mid-sized conglomerate which is a leading player in the motorcycle and agricultural machinery trade, Union Bank disclosed to the Philippine Stock Exchange on Tuesday.
The deal was signed by ROPALI group chairman and founder Roberto Alingog and CitySavings Bank chair and UnionBank senior executive vice president Eugene S. Acevedo.
PR Savings is the 14th largest thrift bank in the country, with assets of P12.917 billion. Its 102 offices are mostly located in Luzon.