Stockholders of the United Coconut Planters Bank (UCPB) have approved the merger plan with Land Bank of the Philippines (Landbank).

With 97.2 percent of UCPB shareholders backing the marriage, Landbank’s total assets are expected to balloon to almost P3 trillion from P2.5 trillion as of June 2021.

Landbank will just be P300 billion short of the country’s biggest bank, BDO of the Sy family, and close to P900 billion ahead of the country’s No. 3, Bank of the Philippine Islands of the Ayala family.

“With this merger, we are looking forward to a stronger, more resilient and unified banking institution that will promote and broaden financial inclusion among Filipinos, especially those who belong to the underserved and unbanked sectors,” said Landbank president and CEO Cecilia C. Borromeo.

Landbank assured customers of both banks that deposits would remain intact and secured in their current servicing branches with unhampered as banking services.

The merger between Landbank and UCPB is pursuant to Executive Order No. 142 signed by President Rodrigo Duterte on 25 June 2021 which aimed to form a better capitalized and more resilient institution that will play a principal role in the National Government’s development and financial inclusion agenda.

The post Size matters: Landbank inches closer to BDO, widens gap with BPI following merger with UCPB first appeared on Bilyonaryo Business News.



Size matters: Landbank inches closer to BDO, widens gap with BPI following merger with UCPB
Source: Filipino Daily Inquirer