MANILA - Union Bank of the Philippines (UnionBank) on Thursday confirmed that the Philippine Competition Commission (PCC) has approved City Savings Bank's acquisition of the thrift bank Philippine Resources Savings Bank Corp.
City Savings Bank, a wholly-owned subsidiary of Union Bank of the Philippines, signed a Share Purchase Agreement (SPA) to acquire 100 percent of the Philippine Resources Savings Bank from the ROPALI Group in late December 2017.
The PCC's ruling, found in Decision No. 12-M-010/2018, was accomplished last April 5, and it has been published on the PCC website, UnionBank told the stock exchange.
PCC Chairman Arsenio Balisacan signed the decision which stated that the transaction "is not likely to result in a substantial lessening of competition in the relevant market."
The acquisition is in line with the company's goal to expand its mass market reach, UnionBank has said.