UnionBank acquires Isabela-based thrift bank


Posted at Jan 02 2018 04:11 PM

MANILA - Union Bank of the Philippines said Tuesday its unit, City Savings Bank, would acquire an Isabela-based thrift bank.

Aboitiz-led UnionBank, however, did not disclose the value of its acquisition of 100 percent of Philippine Resources Savings Bank from the ROPALI Group.

PR Savings Bank is the country's 15th largest thrift bank, with P13.2 billion in assets as of September last year, UnionBank told the stock exchange.

It's 102 offices located mostly in Luzon extends motorcycle, agri-machinery, and teachers' salary loans, UnionBank said.

The deal is subject to the approval of the Bangko Sentral ng Pilipinas and the Philippines Competition Commission.