UnionBank subsidiary CitySavings merges with PR Savings Bank

  • City Savings Bank, Inc. (CitySavings), the thrift banking arm of Union Bank of the Philippines (UnionBank), has merged with Philippine Resources Savings Banking Corporation (PR Savings Bank), with CitySavings as the surviving entity.
  • Isabela-based PR Savings Bank is the 15th largest thrift bank, with assets of Php 11.770 billion as of Sept. 30, 2018. It has 102 offices.
City Savings Bank, Inc. (CitySavings), the thrift banking arm of Union Bank of the Philippines (UnionBank), has merged with Philippine Resources Savings Banking Corporation (PR Savings Bank), with CitySavings as the surviving entity.
“Merging with PR Savings enables us to diversify into the burgeoning market of motorcycle financing. Expanding our physical network and capitalizing on our operational efficiency will allow us to bring the CitySavings experience of superior customer service to more Filipinos,” said CitySavings President and CEO Lorenzo T. Ocampo.
“Our mission has always been to unlock the economic potential in our communities, be they in the cities or in the countryside, by delivering financial services to our unbanked and underbanked countrymen. Though the name PR Savings Bank will cease to exist after this merger, we as CitySavings will continue to embrace our commitment to this mission,” said PR Savings Bank President and CEO Catalino S. Abacan.
The merger is in line with the Bangko Sentral ng Pilipinas’ (BSP) efforts to improve financial inclusion in the country and strengthen the banking industry through mergers and consolidation. The BSP approved the merger in December of last year. CitySavings completed the purchase of PR Savings Bank last June.
CitySavings, headquartered in Cebu City, is the 6th largest thrift bank in the country in terms of assets, with Php 75.444 billion as of September 30, 2018. It provides a range of mass market financial products and services, including salary loans to public and private school teachers, pension loans to GSIS and SSS pensioners, seafarer loans, and traditional deposit products. The bank has 115 offices nationwide.
Isabela-based PR Savings Bank is the 15th largest thrift bank, with assets of Php 11.770 billion as of Sept. 30, 2018. It has 102 offices.

Comments

Loading...
LIKE IT? SHARE WITH YOUR FRIENDS!

Article Tags

Bangko Sentral ng Pilipinas7 City Savings1 CitySavings2 PR Savings Bank2 UnionBank18