Union Bank of the Philippines has a majority stake in City Savings Bank which it acquired from the Aboitiz Group and its subsidiary Pilmico Foods Corporation. The thrift bank ranks as the country’s fourth-largest, with assets totaling P161.29 billion and a network of 140 branches nationwide.
Photograph courtesy of City Savings Bank Faebook
Aboitiz-led Union Bank of the Philippines (UBP) is preparing a capital infusion of up to P1.5 billion into subsidiary City Savings Bank Inc. (CitySavings) to support the thrift bank’s growth and ongoing operations.
In a stock exchange disclosure on Thursday, UBP said the capital injection was cleared during a special board meeting on Wednesday, subject to approval by the Bangko Sentral ng Pilipinas.
Additional capital to support growth and operations
“Please be informed that the Board of Directors of Union Bank of the Philippines, at a special meeting held on October 8, 2025, approved the infusion of additional capital of up to Php1.5 Billion in City Savings Bank, Inc., a subsidiary of the Bank, to support growth and ongoing business operations,” the bank said.
“The infusion is subject to applicable regulatory approval,” it added.
UBP holds a majority stake in CitySavings, which it acquired from the Aboitiz Group and its subsidiary Pilmico Foods Corp. as part of the conglomerate’s broader effort to consolidate its financial services portfolio.
The thrift bank ranks as the country’s fourth-largest, with assets totaling P161.29 billion and a network of 140 branches nationwide.
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