City Savings gets SEC nod for merger with PR Savings


The City Savings Bank building near the Basilica Minore del Santo Niño in Cebu City (Photo from wikimapia.org)

The Securities and Exchange Commission (SEC) has approved the merger between thrift banks City Savings Bank and PR Savings Bank.


The SEC approval came about two months after the merger also got the nod of the Bangko Sentral ng Pilipinas.


City Savings, which is the surviving entity of the merger, now owns 100% of PR Savings.


Its parent firm, Aboitiz-led Union Bank of the Philippines, said in a statement to the Philippine Stock Exchange (PSE) that City Savings received on Monday, March 4, the Certificate of Filing of the Articles and Plan of Merger dated February 28, 2019 from the SEC, whereby the latter approved the merger.


To recall, City Savings signed a share purchase agreement (SPA) on December 29, 2017 for the acquisition of all common shares of PR Savings.


Another SPA was signed on February 23, 2018 with International Finance Corporation for the acquisition of 65 million preferred shares.


City Savings received on December 27, 2018 a letter from the BSP about its formal approval of the merger. (Ventures Cebu)

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