MANILA, Philippines — President Rodrigo Duterte has approved the merger of state-controlled banks Land Bank of the Philippines (LBP) and United Coconut Planters Bank (UCPB).
Duterte gave the green light on the two banks’ consolidation via Executive Order No. 142 signed on June 25. The copy of the presidential order was only made public on Tuesday, June 29.
All assets and liabilities of UCPB will be transferred to Landbank as the latter will be the surviving entity.
“It was found that such merger will significantly strengthen the capability to deliver financial services to the coconut industry and the entire agricultural sector, contribute to economic sufficiency, foster co…
Keep on reading: Duterte approves merger of Landbank and UCPB