UnionBanks City Savings to buy Philippine Resources Savings Bank

Wednesday 3 January 2018 09:32 CET | News

City Savings Bank, a bank unit of Union Bank of the Philippines, has announced that it will acquire Philippine Resources Savings Bank.

The bank has signed a share purchase agreement with Ropali Group to acquire 100% of the common shares of PR Savings Bank. The Ropali Group represents 127,723,385 common shares of PR Savings Bank, equivalent to 66.27% of the bank’s capital.

The purchase price is less than 10% of the total book value of UnionBank. UnionBank has book value of P68.36 per share as of 2016, according to recent data released by the bank. The acquisition of PR Savings Bank is subject to regulatory approvals from the Philippine Competition Commission and Bangko Sentral ng Pilipinas.

UnionBank expects to close the transaction by the second quarter of 2018.

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Keywords: City Savings Bank, Philippine Resources Savings Bank, Philippines, online banking
Categories: Banking & Fintech | Online & Mobile Banking
Countries: World
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