PCC approves CitySavings’ buyout of PR Bank
There’s no stopping this merger now.
The Philippine Competition Commission (PCC) has approved the plan of Aboitiz-owned thrift lender City Savings Bank, Inc. of the Philippine Resources Savings Bank Corporation.
In a decision rendered on April 5, the competition body allowed the buyout with the view that the acquisition “is not likely to result in a substantial lessening of competition in the relevant market.”
The ROPALI Group owns PR Savings Bank, which is based in Isabela.