PCC approves Aboitiz’s majority stake in Western Union operator
The retail push will be getting a big boost from this deal.
The Philippine Competition Commission (PCC) on Tuesday, May 8 approved the plan of Aboitiz-owned City Savings Bank Inc. and Union Properties Inc. of a 51 percent stake in PETNET, Inc.
PETNET, more popularly known under the Pera Hub brand, operates the widest network of Western Union outlets in the Philippines.
“The thrift bank?s network expansion through PETNET’s remittance centers has been found to have no horizontal overlaps between the notifying parties. The antitrust commission noted that there exists sufficient competitive constraints from other market participants even after the acquisition,” the PCC said in a statement.
City Savings is the thrift banking unit of Union Bank of the Philippines. It recently acquired the ROPALI Group’s Philippine Resources Savings Bank Corporation, which was also approved by the PCC in April.