Commission Decision No. 16-M-014/2018
Acquisition by City Savings Bank, Inc. and Union Properties, Inc.
of Shares in PETNET, Inc.
The transaction involves the proposed acquisition by City Savings Bank, Inc. (City Savings) and Union Properties, Inc. (Union Properties) from Aboitiz Equity Ventures, Inc. the shares representing 51 percent of the outstanding capital stock of PETNET, Inc. (PETNET).
City Savings Bank, Inc. is a corporation registered with the Philippine Securities and Exchange Commission and authorized by the Bangko Sentral ng Pilipinas (BSP) to operate as a thrift bank. It is the thrift bank arm of Union Bank of the Philippines. Union Properties, Inc., on the other hand, is also a Philippine registered corporation engaged in property administration and management. PETNET, which operates under the trade name “PERA HUB,” is a corporation existing by virtue of the laws of the Republic of the Philippines and licensed by the BSP to engage in the businesses of remittance, money exchange, and foreign dealing and trading.