CitySavings
CitySavings is a Philippine thrift-bank brand and subsidiary of Union Bank of the Philippines, serving retail, consumer, and community banking needs.
Last updated August 31, 2026
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Overview
CitySavings, formally City Savings Bank and commonly known by the brand name CitySavings, is a Philippine thrift bank headquartered in Pasig, Metro Manila. It operates as a subsidiary of Union Bank of the Philippines and forms part of the wider Aboitiz Group of Companies. The bank is regulated by the Bangko Sentral ng Pilipinas and has developed its business around deposit-taking, lending, and branch-based financial services for consumers and communities in the Philippines. The institution was established in Cebu City in 1965 as Cebu City Savings and Loan Association, or CCSLA. Its founders were Don Ramon Aboitiz and Teotimo Abellana. The original organization was created as a savings and loan institution, with a local Cebu focus. After operating for more than a decade, it expanded beyond Cebu in 1976 by opening in Tagbilaran, Bohol. This was an early step in the institution's broader development from a city-based savings association into a multi-location thrift bank. A major ownership and strategic turning point came in 2013, when UnionBank acquired CitySavings. Following the acquisition, CitySavings became a UnionBank subsidiary and continued expanding its Philippine branch presence, including activity in Cagayan Valley and the opening of a branch in Tuguegarao, Cagayan. The relationship gave CitySavings access to the resources and wider financial-services platform of UnionBank while preserving its identity as a thrift-banking operation. In June 2018, CitySavings agreed to acquire Philippine Resources Savings Bank, commonly known as PR Savings, from the ROPALI Group. The transaction was completed through a merger in which City Savings Bank was the surviving entity. The merger formally closed in March 2019, after which PR Savings branches were integrated into the CitySavings network. The integration increased the network to 217 branches and positioned CitySavings as the fourth-largest thrift bank in the Philippines by assets according to the referenced account. The acquisition strengthened its geographic reach and expanded its customer and branch base. CitySavings subsequently broadened its relationship with smaller and regional financial institutions. In January 2021, it acquired a 70 percent majority stake in Batangas-based Bangko Kabayan, making Bangko Kabayan an affiliate of CitySavings. The group has also been associated with Petnet and has identified organizations such as Lalamove and the Philippine Department of Education among its partners. These relationships reflect a business model that combines conventional branch banking with institutional and distribution partnerships. CitySavings is primarily positioned as a domestic Philippine thrift-bank brand rather than a global banking group. Its scope includes savings and other deposit products, consumer and retail lending, and branch-supported financial services, although the available reference material does not provide a complete current product catalogue. Its historical growth has been driven by geographic expansion, integration of acquired branch networks, and alignment with UnionBank's broader Philippine banking operations. Current executive details, financial figures, official website information, and a complete present-day account of its products are not established by the supplied sources.
History
CitySavings traces its origins to Cebu City, Philippines, where Don Ramon Aboitiz and Teotimo Abellana established Cebu City Savings and Loan Association in 1965. The institution began as a locally focused savings and loan organization. In 1976, eleven years after its establishment, it expanded to Tagbilaran in Bohol, extending its presence beyond Cebu. The institution later adopted the City Savings Bank identity and continued developing as a Philippine thrift bank. A decisive change occurred in 2013, when Union Bank of the Philippines acquired CitySavings. The acquisition made CitySavings a UnionBank subsidiary and connected it to the Aboitiz Group's broader business ecosystem. After the transaction, CitySavings expanded in areas including Cagayan Valley and opened a branch in Tuguegarao, Cagayan. CitySavings pursued a significant consolidation transaction in 2018 when it acquired Philippine Resources Savings Bank, also known as PR Savings, from the ROPALI Group. The merger used City Savings Bank as the surviving entity. It officially closed in March 2019, and the former PR Savings branches were integrated into the CitySavings network. The integration increased the reported branch network to 217 and made CitySavings the fourth-largest Philippine thrift bank by assets according to the referenced source. In January 2021, CitySavings acquired a 70 percent majority stake in Bangko Kabayan, a thrift bank based in Batangas. Bangko Kabayan consequently became an affiliate of CitySavings. The transaction continued the institution's pattern of growth through partnerships and acquisitions involving regional financial institutions. CitySavings is regulated by the Bangko Sentral ng Pilipinas and maintains its corporate office at UnionBank Plaza in Ortigas Center, Pasig. Its historical business has centered on thrift banking, deposits, lending, branch operations, and access to financial services for Philippine consumers and communities. The supplied references do not establish a complete current product list, leadership roster, financial profile, or official website, so those details remain limited here.
- 2021
Majority investment in Bangko Kabayan
[1]CitySavings acquired a 70 percent majority stake in Bangko Kabayan, making it an affiliate.
- 2019
PR Savings merger completed
[1]The merger closed in March, and PR Savings branches were integrated into the CitySavings network.
- 2018
Agreement to acquire PR Savings Bank
[1]CitySavings acquired Philippine Resources Savings Bank from the ROPALI Group.
- 2013
Acquisition by UnionBank
[1]Union Bank of the Philippines acquired CitySavings, which became a subsidiary of the bank.
- 1976
Expansion to Tagbilaran
[1]The institution expanded from Cebu to Tagbilaran in Bohol, its first reported move into another city.
- 1965
Cebu City Savings and Loan Association is established
[1]Don Ramon Aboitiz and Teotimo Abellana founded the institution in Cebu City as Cebu City Savings and Loan Association.
Products and positioning
A Philippine thrift-bank brand focused on accessible retail and community banking, supported by Union Bank of the Philippines and the Aboitiz Group.
Deposits
Savings and deposit accounts
CitySavings is a thrift-bank institution whose core activities include accepting savings and other deposits from Philippine customers. The supplied references identify deposit-taking as part of its banking role but do not provide current account names, rates, eligibility rules, or detailed terms.
Loans
Consumer and retail lending
The bank's thrift-banking model includes lending and consumer-oriented financial services delivered through its branch network. Available material does not specify the current loan categories, pricing, application requirements, or limits.
Retail banking
Branch banking services
CitySavings provides branch-supported banking services across the Philippines. Its network expanded through organic growth and the integration of PR Savings branches, reaching a reported 217 branches after the 2019 merger.
Brand decisions
2021
Acquire majority stake in Bangko KabayanM&ABackground
CitySavings continued expanding its relationships with regional Philippine financial institutions.
Action taken
CitySavings acquired a 70 percent majority stake in Batangas-based Bangko Kabayan.
Aftermath
Bangko Kabayan became an affiliate of CitySavings.
2018
Acquire Philippine Resources Savings BankM&ABackground
CitySavings sought to increase its scale and geographic reach within the Philippine thrift-banking market.
Action taken
It acquired PR Savings Bank from the ROPALI Group, with City Savings Bank designated as the surviving entity in the merger.
Aftermath
The merger closed in March 2019 and the PR Savings branch network was integrated into CitySavings, increasing the reported network to 217 branches.
2013
Join UnionBank through acquisitionM&ABackground
CitySavings operated as a Philippine thrift bank with roots in Cebu and an expanding regional network.
Action taken
Union Bank of the Philippines acquired CitySavings and made it a subsidiary.
Aftermath
CitySavings expanded further in the Philippines, including in Cagayan Valley and Tuguegarao.
Recent events
CitySavings wins Philippines Best Employer Award 2020[2]
Reported:
City Savings Bank Inc. (CitySavings) received the Philippines Best Employer Award 2020 from the Employer Branding Institute-India at a virtual ceremony on October 10.
Sources2 sources
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