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June 23, 2024

Mass-based lender widens its client base

City Savings Bank (CitySavings), the thrift subsidiary of the Union Bank of the Philippines (UBP), has widened its loan market and now caters to the financing needs of the various local government unit (LGUs) employees.

Prior to this, CitySavings’ main market were teachers mainly under the employ of the Department of Education (DepEd) and for this purposed partnered with PERO HUB as its outsource service provider.

As outsourced partner, PERA HUB helps with the accreditation of the various local government units and employees who wish to take out loans from the bank.

Accredited LGU employees could take out loans as small as P25,000 to as much as P1 million, depending on the borrower’s take-home pay.

The thrift subsidiary lender said its loans do not have so-called hidden charges.

Eligible borrowers are permanent LGU employees who have served at least one year with the previously accredited LGU and not over 65 years old when the loan matures.

Bankero Lorenzo T. Ocampo leads CitySavings as president and CEO who is a firm believer in simplifying and making more convenient the various financial services extended to clients.

“This is aligned with our vision to be the leading mass market bank in the Philippines,” he said.

Aboitiz Equity Ventures acquired PERA HUB in 2015.