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Union Bank of the Philippines units acquire 51% stake in remittance firm

City Savings Bank Inc. and Union Properties Inc. completed the acquisition of a 51% stake in PETNET Inc. for 1.20 billion Philippine pesos in cash.

City Savings Bank and Union Properties Inc. acquired 40% and 11% of PETNET shareholding, respectively, from Aboitiz Equity Ventures Inc., according to a Dec. 18 release.

The buyers are subsidiaries of Union Bank of the Philippines, which in turn is an associate of Aboitiz Equity Ventures.

PETNET, widely known by its retail brand name PERA HUB, is the largest Western Union agent network in the Philippines.

Union Bank of the Philippines said the purchase will allow it to better align its strategies and take direct control of PETNET's business decisions.

As of Dec. 18, US$1 was equivalent to 52.99 Philippine pesos.