City Savings Bank

Thrift bank subsidiary of UnionBank

City Savings Bank

Formerly| Cebu City Savings and Loan Association
Type| Public
Industry| Finance and Thrift Banking Industry
Founded| 1965; 57 years ago (1965)
Headquarters|

UnionBank Plaza, Meralco Avenue corner Sapphire and Onyx Streets, Ortigas Center, Pasig, Metro Manila

Philippines[1]

Area served

| Philippines

Key people

* Edwin R. Bautista (Chairman)
* Eugene Acevedo (Vice Chairman)
* Lorenzo "Larry" T. Ocampo (President and CEO)

Products| Digital banking,[2] Loans, Pensions, OFW, Savings Accounts, Checking Accounts[3]
Total assets| P76.795 Billion PHP (2019)[4]

Number of employees

| 1,845 (2020)
Parent| UnionBank of the Philippines
Website| www.citysavings.com.ph

City Savings Bank, commonly known as CitySavings, is a thrift bank subsidiary of Union Bank of the Philippines[5] and established in 1965, founded in Cebu City and also member of the Aboitiz Group of Companies.[6] City Savings is regulated by the Bangko Sentral ng Pilipinas. Its corporate office is located at the UnionBank Plaza, Meralco Avenue corner Sapphire and Onyx Streets, Ortigas Center, Pasig, Metro Manila.

## Contents

* 1 History
* 2 Ownerships
* 3 Partners
* 4 See also
* 5 References

## History[edit]

CitySavings was incorporated by Don Ramon Aboitiz in 1965 at Cebu City, Philippines as Cebu City Savings and Loan Association (CCSLA). After 11 years, the bank expanded to the nearby city of Tagbilaran, Bohol. In 2013, City Savings was acquired by UnionBank and became its subsidiary.[7][8] They then expanded their network in Cagayan Valley and opened a branch in Tuguegarao, Cagayan.

In June 2018, UnionBank's subsidiary City Savings Bank acquired Philippine Resources Savings Bank (PR Savings) from the ROPALI Group, with City Savings Bank as the surviving entity of the said merger.[9] The merger officially closed in March 2019, All PR Savings Bank branches completed integration into the City Savings Bank network, increasing the bank's number of branches to 217, As a result, City Savings Bank became the 4th largest thrift bank in the Philippines in terms of assets.[10] and soon will be the 3rd largest Thrift Bank after BPI Family Savings Bank will be merged with BPI in early-2022.[11]

In January 2021, City Savings Bank acquired 70% majority stake of Batangas-based thrift bank Bangko Kabayan, making Bangko Kabayan became an affiliate of City Savings Bank.[12]

## Ownerships[edit]

* Bangko Kabayan[13]
* PR Savings Bank
* Petnet

## Partners[edit]

* Lalamove[14]
* Department of Education (Philippines)

## See also[edit]

* Unionbank (Philippines)
* List of banks in the Philippines
* BancNet
* List of largest banks in the Philippines
* Aboitiz Equity Ventures

## References[edit]

1. ^ "Bank Advisory: Head Office Relocation, Ortigas Branch Transfer and new Sto. Niño Branch".
2. ^ Newman, Minerva (10 June 2021). "Thrift bank boosts up digital banking for Cebu teachers, SMEs". Philippine News Agency.
3. ^ "Home page". citysavings.com.ph.
4. ^ Nora (February 2019). "Top Thrift Banks in the Philippines". Banks Philippines. #5 in list.
5. ^ "UnionBank thrift arm CitySavings issues P5-B notes to expand loan portfolio". ABS-CBN News.
6. ^ "CitySavings: G Suite Pioneer in the Banking Industry". Kollab.ph. 13 December 2019.
7. ^ Dumlao, Doris C. (9 January 2013). "Union Bank taking over CitySavings Bank". Inquirer.net. Archived from the original on 13 January 2013. Retrieved 12 June 2021.
8. ^ "City Savings issues P5-billion corporate notes". Manila Standard. Retrieved 12 June 2021.
9. ^ "UnionBank subsidiary CitySavings set to acquire PR Savings Bank".
10. ^ "CitySavings completes merger with PR Savings Bank". philstar.com. 4 March 2019. Retrieved 4 March 2019.
11. ^ "Ranking as to Total Assets (Thrift Banking Group) as of March 31, 2022".
12. ^ "CitySavings buys stake in Batangas-based thrift lender". bworldonline.com. 11 February 2021. Retrieved 11 February 2021.
13. ^ "CitySavings continues mass market expansion with Bangko Kabayan". The Manila Times. 19 February 2021.
14. ^ "Lalamove taps CitySavings for motorcycle loan financing". www.gmanetwork.com.

This bank and insurance-related article is a stub. You can help Wikipedia by expanding it.

|

* v
* t
* e

This Philippine corporation or company article is a stub. You can help Wikipedia by expanding it.

|

* v
* t
* e

*[v]: View this template
*[t]: Discuss this template
*[e]: Edit this template