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CitySavings merges with PR Savings Bank

UnionBank Mass Market Team | March 27, 2019

CitySavings, the thrift banking arm of UnionBank, has merged with PR Savings Bank, in support of the Bangko Sentral ng Pilipinas’ (BSP) efforts to improve financial inclusion in the country and strengthen the banking industry through mergers and consolidation.

BSP approved the merger in December 2018 following completion of the PR Savings Bank purchase last June, 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.

– Lorenzo Ocampo, President and CEO, CitySavings

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.

– Lino Abacan, President and CEO, PR Savings Bank

 

With its headquarters in Cebu, CitySavings is the 6th largest thrift bank in the country in terms of assets, with PHP75.4 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 PHP11.7 billion as of Sept. 30, 2018 and has 102 offices.