CITYSAVINGS, the thrift arm of Aboitiz-owned banking and financial services UnionBank, announced that it’s no longer just a teachers’ bank.
Paula Ruelan, CitySavings reputation management head, said the bank will now begin offering motorcycle loans and loans for pensioners, seafarers, and overseas Filipino workers, while it continues to strengthen its flagship teacher’s salary loan product.
“Our goal now is to become the leading mass market bank,” said Ruelan, during the Aboitiz Cebu Business Outlook briefing held here.
She said the bank’s diversification of financial products could be attained through the bank’s recent mergers and acquisitions.
She added these efforts are also in tune with UnionBank’s Digital Transformation Roadmap- Transformation C+.
UnionBank is the parent bank of CitySavings.
CitySavings finalized its merger and acquisition with PR Savings Bank in February 2019, with the former as the surviving entity.
The Isabela-based PR Savings Bank is focused on motorcycle, agri-machinery, and teachers’ salary loans, serving over 131,000 borrowers mostly from the mass market segments.
The bank will also expand its mass market reach through the purchase agreement with Batangas- based Bangko Kabayan that would allow them to build a strong foundation in the microfinance sub-sector. (KOC)