UnionBank of the Philippines' thrift unit completes merger with PR Savings Bank

The move will accelerate UnionBank's push into the motorcycle financing market.

The thrift banking unit of UnionBank of the Philippines, CitySavings Bank, has completed its consolidation with Philippine Resources savings Banking Corp (PR Savings Bank) with the former emerging as the surviving entity, reports Business World.

The move is in line with the central bank’s call to strengthen the banking industry through mergers and acquisitions.

Also read: Philippine National Bank fully acquires thrift bank subsidiary

CitySavings president and CEO Lorenzo Ocampo believes that the merger paves the way for the bank to diversify into the motorcycle financing market by leveraging on the network of PR Savings Bank which serves over 131,000 borrowers from the mass market segments with motorcycle, agri-machinery and teachers’ salary loans.

The banks announced the merger in January 2018 and the central bank greenlit the acquisition in June.