Merger of state-led UCPB and LANDBANK to start on March 1
LAND BANK of the Philippines’ (LANDBANK) merger with the United Coconut Planters Bank (UCPB) will take effect on March 1, LANDBANK said in a public notice.
LANDBANK in a notice posted on its Facebook page on Tuesday announced the merger to its creditors, depositors, and clients as it assures them of continued services.
“Clients of both LANDBANK and UCPB are assured that banking services will remain unhampered during the implementation of the merger,” the state-run bank said.
“The merger shall become effective on March 1, 2022,” LANDBANK said.
UCPB shareholders approved the planned merger last month, with the combined entity producing a bank with nearly P3 trillion in assets.
President Rodrigo R. Duterte in June last year signed an executive order approving the merger, in which all assets and liabilities of UCPB will be transferred to LANDBANK.
The order noted that the banks both have a compatible development mission.
LANDBANK said all UCPB branches will continue to operate until all its systems and accounts have been moved.
“Clients will be advised accordingly prior to any operational adjustments due to the merger,” the bank said.
LANBANK’s net profit grew by 21.2% year on year to P16.72 billion in the first nine months of last year, with total assets growing by 13.6% to 2.564 trillion. — Jenina P. Ibañez
