UnionBank of the Philippines said Dec. 27 that wholly owned subsidiaries City Savings Bank Inc. and Union Properties Inc. received approval from the monetary board of the Bangko Sentral ng Pilipinas for the joint acquisition of a majority stake in First-Agro Industrial Rural Bank.

The microfinance lender, which will remain as a separate entity, will keep its brand identity and employee organization.

Financial details of the deal were not disclosed.