Union Bank of the Philippines, controlled by the Aboitiz family, is injecting P1 billion in additional capital into its thrift banking arm City Savings Bank Inc. to support its growth and business operations.
The bank’s said its board of diectors approved the additional capital infusion on Friday.
UnionBank, the ninth largest lender in the country, had P1.2 trillion in assets as of end-June, according to data compiled by Bankero.
Its net income more than doubled to P6.9 billion in the first half of the year from P3.3 billion a year earlier, while revenues rose 9% to P43.1 billion.
City Savings Bank was the Philippines’ third-largest thrift bank by assets, with P171.95 billion as of end-March.
