AEV secures BSP nod to acquire thrift bank
Union Bank of the Philippines, a unit of Aboitiz Equity Ventures, has obtained the Bangko Sentral ng Pilipinas’ approval to acquire Cebu-based thrift bank City Savings Bank for P5.728 billion.
Union Bank of the Philippines, a unit of Aboitiz Equity Ventures, has obtained the Bangko Sentral ng Pilipinas’ approval to acquire Cebu-based thrift bank City Savings Bank for P5.728 billion.
Aboitiz-led Union Bank of the Philippines has obtained board approval to take over 99.54 percent of 32-branch Cebu-based thrift bank City Savings Bank (CitySavings) for P5.7 billion.
MANILA, Philippines—Union Bank of the Philippines is set to buy 32-branch thrift bank City Savings Bank, marking a consolidation of the banking interests of the Aboitiz group. In a joint statement, Union Bank and parent conglomerate Aboitiz Equity Ventures announced the acquisition by the former of 99.54 percent of CitySavings for about P5.7 billion. [...]
