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CitySavings

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Not to be confused with Citystate Savings Bank.

City Savings Bank
FormerlyCebu City Savings and Loan Association
Company typeSubsidiary
IndustryFinance and Thrift Banking Industry
Founded1965; 59 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
  • Ana Maria Aboitiz Delgado (chairwoman)
  • Lorenzo "Larry" T. Ocampo (vice chairman)
  • Manuel Santiago Jr. (president and CEO)[2]
ProductsDigital banking,[3] Loans, Pensions, OFW, Savings Accounts, Checking Accounts[4]
Total assetsP76.795 Billion PHP Increase (2019)[5]
Number of employees
1,845 (2020)
ParentUnionBank of the Philippines
Websitewww.citysavings.com.ph

City Savings Bank, commonly known as CitySavings, is a thrift bank subsidiary of Union Bank of the Philippines[6] and established in 1965, founded in Cebu City and also member of the Aboitiz Group of Companies.[7] 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.

History

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CitySavings was incorporated by Don Ramon Aboitiz and Teotimo Abellana 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.[8][9][10] 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.[11] 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.[12] and soon will be the 3rd largest Thrift Bank after BPI Family Savings Bank will be merged with BPI in early-2022.[13]

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.[14]

Ownerships

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  • Bangko Kabayan[15]
  • PR Savings Bank
  • Petnet

Partners

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See also

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References

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  1. ^ "Bank Advisory: Head Office Relocation, Ortigas Branch Transfer and new Sto. Niño Branch".
  2. ^ "UnionBank names new heads for thrift, digital banking arms". philstar.com. February 16, 2023. Retrieved February 16, 2023.
  3. ^ Newman, Minerva (June 10, 2021). "Thrift bank boosts up digital banking for Cebu teachers, SMEs". Philippine News Agency.
  4. ^ "Home page". citysavings.com.ph.
  5. ^ Nora (February 2019). "Top Thrift Banks in the Philippines". Banks Philippines. #5 in list.
  6. ^ "UnionBank thrift arm CitySavings issues P5-B notes to expand loan portfolio". ABS-CBN News.
  7. ^ "CitySavings: G Suite Pioneer in the Banking Industry". Kollab.ph. December 13, 2019.
  8. ^ "CitySavings History". citysavings.com.ph.
  9. ^ Dumlao, Doris C. (January 9, 2013). "Union Bank taking over CitySavings Bank". Inquirer.net. Archived from the original on January 13, 2013. Retrieved June 12, 2021.
  10. ^ "City Savings issues P5-billion corporate notes". Manila Standard. Retrieved June 12, 2021.
  11. ^ "UnionBank subsidiary CitySavings set to acquire PR Savings Bank".
  12. ^ "CitySavings completes merger with PR Savings Bank". philstar.com. March 4, 2019. Retrieved March 4, 2019.
  13. ^ "Ranking as to Total Assets (Thrift Banking Group) as of March 31, 2022".
  14. ^ "CitySavings buys stake in Batangas-based thrift lender". bworldonline.com. February 11, 2021. Retrieved February 11, 2021.
  15. ^ "CitySavings continues mass market expansion with Bangko Kabayan". The Manila Times. February 19, 2021.
  16. ^ "Lalamove taps CitySavings for motorcycle loan financing". www.gmanetwork.com.
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