SEC Approves Merger Between Philippine Resources Banking and UnionBank Subsidiary

The Securities and Exchange Commission (SEC) has approved the merger between Philippine Resources Banking Corp. (PR Savings) and City Savings Bank Inc., a wholly-owned subsidiary of Union Bank of the Philippines (UnionBank, PSE: UBP). PR Savings, a thrift bank, is 100% owned by City Savings. The merger between both banks is in line with UnionBank’s […]
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UnionBank 2018 Net Income Hits PhP7.3B

Union Bank of the Philippines (PSE: UBP) has reported 2018 net income of PhP7.3 billion. Total income taken to retained earnings amounted to PhP8.5 billion, inclusive of adjustments related to the adoption of PFRS9 accounting standards during the year. As of end 2018, UnionBank’s total assets reached PhP674.2 billion. Customer loans increased by 16% year-on-year […]
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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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Aboitiz Equity Ventures Grows 2016 Full-year Profit by 27% to PhP22.5B

Taguig—(PHStocks)—Aboitiz Equity Ventures Inc. (PSE: AEV) saw its consolidated net income increase by 27% year-on-year (YoY) from PhP17.7 billion in 2015 to PhP22.5 billion in 2016. This translates to PhP4.02 in earnings per share. Power accounted for 65%, followed by the Banking and Financial Services, Food, Infrastructure, and Land strategic business units (SBUs) with income […]
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PHStocks Exclusive: Top 50 Best Performing Stocks in May 2016

Manila—(PHStocks)—Last month saw the Philippines’ presidential elections, and the looming change of administration in the country saw investor mood getting more positive, as seen in the mostly positive levels of the mainboard PSE index. We have yet to see really the impact of this new government in the country’s economy. Let’s just hope it’s for […]
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Aboitiz Equity Ventures Earmarks PhP58.4B Capex in 2016

Taguig—(PHStocks)—High hopes on promising growth prospects for the year led Aboitiz Equity Ventures (PSE: AEV) to allocate PhP58.4 billion in capital expenditure (capex) in 2016, bulk of which will be used for its power expansion projects. “Each of our businesses has the potential for higher financial return and growth, as well as sufficient scale and […]
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UnionBank Assigned an Issuer Rating of PRS Aaa

Makati—(PHStocks)—Union Bank of the Philippines (PSE: UBP), one of the leading universal banks in the country, was assigned an issuer rating of PRS Aaa (corp.) by Philippine Rating Services Corp. (PhilRatings). A “PRS Aaa” is the highest corporate credit rating assigned on the PRS scale. An issuer rating is an opinion on the general and […]
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