City Savings Bank
A Philippine thrift bank subsidiary of Union Bank of the Philippines, serving savings and lending customers through the CitySavings network.
Last updated August 31, 2026
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Overview
City Savings Bank, commonly branded as CitySavings, is a Philippine thrift bank and a subsidiary of Union Bank of the Philippines. The institution traces its origins to Cebu City, where Don Ramon Aboitiz and Teotimo Abellana incorporated it in 1965 as Cebu City Savings and Loan Association, or CCSLA. Its original identity was therefore rooted in community savings and lending rather than in universal banking or capital-markets services. The bank expanded beyond Cebu during its first period of development. After 11 years of operation, it opened in Tagbilaran, Bohol, extending its presence to another important urban center in the central Philippines. The institution later adopted the City Savings Bank identity and developed a broader branch network. Its geographic expansion included Cagayan Valley, where it opened a branch in Tuguegarao. A major ownership and strategic turning point came in 2013, when Union Bank of the Philippines acquired CitySavings. The transaction made City Savings Bank part of UnionBank's banking portfolio while retaining its role as a thrift-bank institution. The bank is also associated with the wider Aboitiz Group of Companies, giving it a relationship with one of the Philippines' major business groups. CitySavings expanded materially through consolidation in the late 2010s. In June 2018, it agreed to acquire Philippine Resources Savings Bank, commonly known as PR Savings Bank, from the ROPALI Group. City Savings Bank was the surviving entity in the merger, which officially closed in March 2019. The integration brought PR Savings Bank branches into the CitySavings network and increased the combined network to 217 branches, according to the cited reference material. Following the merger, the bank was described as the fourth-largest Philippine thrift bank by assets. The institution pursued another expansion of its financial-services relationships in January 2021, when it acquired a 70 percent majority stake in Bangko Kabayan, a thrift bank based in Batangas. Bangko Kabayan consequently became an affiliate of City Savings Bank rather than being described as a simple branch conversion. The bank's disclosed ownership and partnership relationships also include PR Savings Bank, Bangko Kabayan, and Petnet, while its listed partners include Lalamove and the Philippine Department of Education. CitySavings operates under the supervision of the Bangko Sentral ng Pilipinas, the Philippines' central monetary authority and bank regulator. Its public-facing identity is that of a domestic thrift bank focused on deposit-taking, lending, and branch-based financial services. The available reference material does not provide a complete current product catalogue, detailed financial statements, current executive roster, or a confirmed standalone stock-market listing. Accordingly, this profile describes its institutional history, ownership, network expansion, and banking role without assigning unsupported financial figures or executive names.
History
City Savings Bank began in Cebu City in 1965 as Cebu City Savings and Loan Association. It was incorporated by Don Ramon Aboitiz and Teotimo Abellana, establishing a savings-and-loan institution with a local Philippine foundation. The bank's early development followed a regional expansion pattern. After 11 years, it extended operations from Cebu to Tagbilaran in Bohol, marking its first stated move beyond its original city. Over time, the institution developed under the CitySavings identity and expanded its branch presence. Its later geographic growth included Cagayan Valley and the opening of a branch in Tuguegarao, Cagayan. These moves positioned the bank as a domestic thrift institution with a network extending across several Philippine regions. In 2013, Union Bank of the Philippines acquired CitySavings. The transaction made City Savings Bank a subsidiary of UnionBank and connected the thrift-bank business to the broader Aboitiz-associated banking group. CitySavings continued as a distinct thrift-bank institution rather than being described in the reference material as a universal-bank branch network. The most significant network-building event described in the available material was the acquisition of Philippine Resources Savings Bank, or PR Savings Bank. City Savings Bank announced the acquisition in June 2018, purchasing the bank from the ROPALI Group. The transaction was structured as a merger in which City Savings Bank survived. Completion occurred in March 2019, after which PR Savings Bank branches were integrated into the CitySavings network. The resulting network was reported at 217 branches, and CitySavings was described as the fourth-largest Philippine thrift bank by assets at that stage. CitySavings continued its affiliation strategy in January 2021 by acquiring a 70 percent majority stake in Bangko Kabayan, a thrift bank based in Batangas. Bangko Kabayan became an affiliate of City Savings Bank. The institution is also associated in the reference material with Petnet and identifies Lalamove and the Philippine Department of Education among its partners. The bank's corporate office is located at UnionBank Plaza in Ortigas Center, Pasig, Metro Manila. It is regulated by the Bangko Sentral ng Pilipinas. The available reference does not establish a current list of named executives, detailed product specifications, financial results, or a publicly traded ticker for City Savings Bank. Its documented history is therefore best understood through its founding, regional branch expansion, UnionBank acquisition, PR Savings Bank merger, and Bangko Kabayan investment.
- 2021
Majority investment in Bangko Kabayan
[1]City Savings Bank acquired a 70 percent stake in Bangko Kabayan, which became an affiliate.
- 2019
PR Savings Bank merger completed
[1]The merger closed in March, and PR Savings Bank branches were integrated into the CitySavings network, increasing the reported branch count to 217.
- 2018
Acquisition of Philippine Resources Savings Bank announced
[1]City Savings Bank acquired PR Savings Bank from the ROPALI Group in a transaction intended to be completed through a merger.
- 2013
Acquisition by UnionBank
[1]Union Bank of the Philippines acquired CitySavings, which became a subsidiary.
- 1976
Expansion to Tagbilaran
[1]Eleven years after establishment, the bank expanded to Tagbilaran in Bohol.
- 1965
Cebu City Savings and Loan Association is incorporated
[1]Don Ramon Aboitiz and Teotimo Abellana incorporated the institution in Cebu City as Cebu City Savings and Loan Association.
Products and positioning
A Philippine thrift-bank brand with a community-oriented savings and lending heritage, operating within the UnionBank and Aboitiz Group ecosystem.
Retail banking
Savings and deposit services
As a thrift bank, CitySavings is associated with deposit-taking and savings services for Philippine customers. The available reference identifies the institution's savings-and-loan origins but does not provide the names, rates, eligibility rules, or detailed features of current deposit accounts.
Lending
Consumer and community lending
CitySavings' institutional history is based on savings and lending, consistent with its role as a Philippine thrift bank. The available material does not specify individual loan products, borrower segments, pricing, or current application channels, so this entry is limited to the documented banking category.
Brand decisions
2021
Acquire a majority stake in Bangko KabayanM&ABackground
CitySavings expanded its relationships with Philippine thrift banks through an investment in the Batangas-based Bangko Kabayan.
Action taken
City Savings Bank acquired a 70 percent majority stake in Bangko Kabayan.
Aftermath
Bangko Kabayan became an affiliate of City Savings Bank.
2018
Acquire Philippine Resources Savings BankM&ABackground
City Savings Bank pursued expansion through the acquisition of PR Savings Bank from the ROPALI Group.
Action taken
CitySavings acquired PR Savings Bank, with City Savings Bank designated as the surviving entity in the merger.
Aftermath
The merger closed in March 2019 and the PR Savings Bank branch network was integrated into CitySavings.
2013
Join UnionBank as a subsidiaryM&ABackground
Union Bank of the Philippines acquired CitySavings as part of its banking portfolio.
Action taken
City Savings Bank became a subsidiary of UnionBank while continuing as a thrift-bank institution.
Aftermath
The acquisition connected CitySavings to UnionBank and the wider Aboitiz Group business ecosystem.
Recent events
- 2021
City Savings Bank takes majority stake in Bangko Kabayan[1]
M&A
City Savings Bank acquired a 70 percent majority stake in Batangas-based thrift bank Bangko Kabayan, which became an affiliate.
- 2019
PR Savings Bank merger integration is completed[1]
M&A
The merger formally closed in March 2019, and PR Savings Bank branches were integrated into the CitySavings network, bringing the reported branch count to 217.
- 2018
City Savings Bank agrees to acquire Philippine Resources Savings Bank[1]
M&A
City Savings Bank acquired Philippine Resources Savings Bank from the ROPALI Group, with CitySavings designated as the surviving entity.
- 2013
UnionBank acquires City Savings Bank[1]
M&A
CitySavings was acquired by Union Bank of the Philippines and became a UnionBank subsidiary.
Sources3 sources
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