Sunday 21 July
Mar 5, 2019 @ 16:08

UnionBank completes acquisition of PR Savings Bank

 

They are the newest members of this banking family.

The Union Bank of the Philippines has completed the merger plan for the thrift lender PR Savings Bank, with all regulators giving their final nod for the transaction.

In a disclosure, the Aboitiz-owned bank announced the completion of the acquisition and absorption via their subsidiary, City Savings Bank.

The process started in December 2017, and was fully completed Feb. 28, 2019. What’s more, the central bank said the merger process should be done by Dec. 27, 2019, or two years after the plan kicked off.

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