Union Bank of the Philippines (UnionBank) announced the appointment of leading financial services expert, Lorenzo “Larry” T. Ocampo as the new President and Chief Executive Officer (CEO) of its fast-growing subsidiary City Savings Bank (CitySavings), effective Jan. 1, 2019. Mr. Ocampo replaces Eugene S. Acevedo.
Together with this move, UnionBank President and CEO Edwin R. Bautista also becomes Chairman of CitySavings effective Jan. 1, 2019, replacing Justo A. Ortiz.
With over 25 years of leadership experience in the financial industry – including 20 years with PETNET Inc., the country’s leading financial services network – UnionBank is confident that Ocampo will take City Savings Bank to the next level.
“Larry Ocampo’s appointment as the new President and CEO of CitySavings marks the dawning of a new era for the fifth largest thrift bank in the Philippines,” said UnionBank President and CEO Edwin Bautista. “His extensive experience and proven track record in innovative financial services will enable CitySavings to soar to even greater heights and thus achieve more inclusive prosperity for our country.”
Armed with a degree in Business Administration and Finance from the prestigious Georgetown University and a stint with global consumer goods giant, Unilever, Ocampo, together with his father, established PETNET in 1998; and grew it to become the largest agent network of Western Union in the Philippines. Currently, it has over 2500 locations nationwide that provide customers with a comprehensive scope of reliable financial services.
Earlier this year, City Savings Bank and another UnionBank subsidiary, Union Properties Inc. (UPI) signed a share purchase agreement with Aboitiz Equity Ventures Inc. to acquire 51 percent of the common shares of PETNET – a move fortifying UnionBank’s ongoing drive for inclusive prosperity by extending universal bank-standard banking services especially for unbanked and underbanked Filipinos.
CitySavings provides a range of mass market finance products and services such as salary loans to public and private schoolteachers, pension loans to Government Service Insurance System (GSIS) and Social Security System (SSS) pensioners, overseas Filipino workers (OFW) loans and traditional deposit products.
CitySavings has also aggressively expanded its presence in recent years, particularly in Metro-Manila and major areas of Luzon.