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UnionBank thrift arm CitySavings issues P5-B notes to expand loan portfolio

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<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2020/business/12/22/unionbank-citysavings_1.jpg"/><figcaption>CitySavings, the thrift bank arm of UnionBank. <em>File photo</em></figcaption></figure></div><p>MANILA - CitySavings, the thrift bank arm of UnionBank, has issued P5 billion of corporate notes to expand its loan portfolio, refinance its maturing debts, and for other corporate requirements.</p><p>UnionBank disclosed to the stock market on Tuesday that P1.5 billion of the notes will be due in three years, while the P3.5 billion balance will mature in five years.</p><p>Corporate notes are debt securities similar to bonds.</p><p>The notes issue was met by strong demand and was oversubscribed by financial institutions, UnionBank added.</p><p>&quot;We believe that CitySavings is a key player in the Philippine banking system, as it provides financing to our public educators who in turn play a critical part in molding and strengthening our country&#x27;s future prospects,&quot; Ed Francisco, president of BDO Capital &amp; Investment Corp, said.</p><p>BDO Capital was the lead arranger and bookrunner of the deal, together with Development Bank of the Philippines, Philippine National Bank and Robinsons Bank as co-arrangers.</p><p>Since UnionBank&#x27;s acquisition of the thrift bank in 2013, CitySavings has grown its branches to a total of 149 nationwide, expanding its offers to include pension loans and motorcycle loans, UnionBank said.</p><p>&quot;For nearly six decades, CitySavings has built a trusted reputation. We will continue to grow and evolve to become the finest mass market bank in the Philippines as we introduce more innovative solutions for a seamless customer experience,” CitySavings President and CEO Lorenzo Ocampo said.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/11/23/20/unionbank-aiming-to-raise-p3-billion-from-bond-offering">UnionBank aiming to raise P3-billion from bond offering</a></li></ul><div><strong>RELATED VIDEO</strong></div><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/aR1q6kBF5hU?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

<p>CitySavings, the thrift bank arm of UnionBank, has issued P5 billion of corporate notes to expand its loan portfolio, refinance its maturing debts, and for other corporate requirements.</p>

CitySavings, the thrift bank arm of UnionBank, has issued P5 billion of corporate notes to expand its loan portfolio, refinance its maturing debts, and for other corporate requirements.