The Bangko Sentral ng Pilipinas (BSP) has approved the takeover of the 102-branch Isabela-based Philippine Resources Savings Bank (PR Savings) by City Savings Bank Inc., a subsidiary of Aboitiz-led Union Bank of the Philippines.
The BSP gave the green light to the transaction conditions, including the “equity investment of City Savings in PR Savings Bank through the acquisition of 100 percent of the issued and outstanding common shares of stock in the latter.”
“The acquisition is in line with the company’s goal to expand its mass market reach consistent with its vision to promote inclusive growth in the country,” Unionbank said.
The share purchase agreement was announced in March. It initially involved 127 million common shares in PR Savings, equivalent to 66.27 percent of the bank’s capital.
PR Savings is a member of the Ropali group of companies, a mid-sized business group with expertise in the motorcycle and agricultural machinery trade. The bank is the 15th biggest thrift bank in the country with assets of P13.021 billion as of Dec. 31, 2017.