UnionBank to Acquire PR Savings Bank

City Savings Bank Inc. (CitySavings), the thrift banking arm of Union Bank of the Philippines (UnionBank, PSE: UBP), has signed a Share Purchase Agreement (SPA) with the ROPALI group to acquire 100% of the common shares of Philippine Resources Savings Bank (PR Savings). “This acquisition will expand our mass market reach, consistent with our vision […]
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AEV Approves Sale of CitySavings Stake to UnionBank

Cebu—(PHStocks)—In a special meeting today, the Board of Directors of Aboitiz Equity Ventures Inc. (PSE: AEV) has approved the proposed offer from Union Bank of the Philippines (UnionBank, PSE: UBP) to purchase all of its shares in City Savings Bank, Inc. (CitySavings), a Cebu-based thrift bank. AEV, together with its wholly owned subsidiary, Pilmico Foods […]
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AEV 4Q Net Income Up 107%

Aboitiz Equity Ventures Inc. (PSE: AEV) has registered a consolidated net income of PhP5 billion for the fourth quarter of 2010, up 107% from the same period in the previous year. Of the total earnings contributions from the company’s four strategic business units (SBUs), Power accounted for 90%. Income share of the Banking and Food […]
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