Union Bank of the Philippines agreed to acquire a 33.73% stake in Philippine Resources Savings Banking Corp., or PR Savings Bank, from International Finance Corp.

Under a share purchase agreement, Union Bank of the Philippines thrift banking arm City Savings Bank Inc. will acquire 65 million preferred shares of PR Savings Bank owned by IFC, the investment arm of the World Bank Group, at 13.88 pesos per share.

PR Savings Bank, a member of ROPALI Group of Cos., mainly offers motorcycle, agri-machinery and teachers' salary loans. Union Bank of the Philippines said Feb. 26 that the acquisition is in line with its goal to expand its mass-market reach consistent with its vision of promoting inclusive growth in the country.

The deal is subject to necessary regulatory approvals. The bank will pay 100% of the purchase price after completion date.

Earlier in January, City Savings Bank agreed to acquire a 66.27% stake in PR Savings Bank from the ROPALI group.

As of Feb. 26, US$1 was equivalent to 51.91 Philippine pesos.