Union Bank of the Philippines received approval from the Philippine Competition Commission for its proposed acquisition of a 51% stake in PETNET Inc., the largest Western Union agent network in the country, from Aboitiz Equity Ventures Inc.

The competition commission approved the deal May 8, Union Bank of the Philippines said May 11. Under the deal, the bank's units City Savings Bank Inc. and Union Properties Inc. will acquire the 51% stake in PETNET for 1.20 billion pesos.

Union Bank of the Philippines is an associate of Aboitiz Equity Ventures, which held a 48.83% stake in the bank as of December 2017.

PETNET is widely known by its retail brand name PERA HUB and offers cash-based services including remittance, currency exchange and bills payment.

As of May 11, US$1 was equivalent to 52.60 Philippine pesos.