UnionBank to infuse up to P1.5 B into CitySavings

Union Bank of the Philippines is set to inject as much as P1.5 billion in additional capital into its thrift bank arm, City Savings Bank Inc., to bolster the subsidiary’s growth and support its ongoing business operations.

- By KEISHA TA-ASAN

In a disclosure to the Philippine Stock Exchange, UnionBank said its board of directors approved the capital infusion during a special meeting held on Oct. 8.

The board “approved the infusion of additional capital of up to P1.5 billion in City Savings Bank, a subsidiary of the bank, to support growth and ongoing business operations,” the lender said.

The capital infusion will still be subject to the necessary regulatory approvals.