PHTHE merger between state-run Land Bank of the Philippines (LandBank) and United Coconut Planters Bank (UCPB) takes effect today, March 1, 2022.
In a statement on Monday, LanBank said the merger is expected to provide more support to the country's agricultural sector.
The merger between LandBank and UCPB is pursuant to Executive Order 142 signed by President Rodrigo Duterte on June 25, 2021, which approved the merger to form a better capitalized and more resilient institution.
According to LandBank, customers of both banks will have access to a combined network of 677 branches and branch-lite units, 2,800 automated teller machines (ATMs), and 228 cash deposit machines (CDMs) nationwide as of February 23.
As the surviving entity, LandBank's total assets will increase to P2.9 trillion, making it the second-largest bank in the country in terms of assets.
"LandBank's union with UCPB advances the government's development agenda to support the agriculture sector through a stronger, more resilient and unified banking institution," said LandBank President and Chief Executive Officer Cecilia C. Borromeo.
"The merger places us in a better position to reach and service more farmers, fishers and other players in the agribusiness value chain nationwide," she added.
The bank assured customers that services will continue to be unhampered, with deposits remaining intact and secured in their respective servicing branches.
All UCPB branches will also continue to operate and serve UCPB customers until the systems integration and accounts migration to LandBank are completed.
The majority of UCPB branches will be converted as LandBank branches and will be announced regularly to the public.
Existing service fees will likewise still apply for cash withdrawals of UCPB cardholders at LandBank ATMs until all accounts are converted or migrated to LandBank that comes with new ATM cards.
FROM: THE MANILA TIMES
In a statement on Monday, LanBank said the merger is expected to provide more support to the country's agricultural sector.
The merger between LandBank and UCPB is pursuant to Executive Order 142 signed by President Rodrigo Duterte on June 25, 2021, which approved the merger to form a better capitalized and more resilient institution.
According to LandBank, customers of both banks will have access to a combined network of 677 branches and branch-lite units, 2,800 automated teller machines (ATMs), and 228 cash deposit machines (CDMs) nationwide as of February 23.
As the surviving entity, LandBank's total assets will increase to P2.9 trillion, making it the second-largest bank in the country in terms of assets.
"LandBank's union with UCPB advances the government's development agenda to support the agriculture sector through a stronger, more resilient and unified banking institution," said LandBank President and Chief Executive Officer Cecilia C. Borromeo.
"The merger places us in a better position to reach and service more farmers, fishers and other players in the agribusiness value chain nationwide," she added.
The bank assured customers that services will continue to be unhampered, with deposits remaining intact and secured in their respective servicing branches.
All UCPB branches will also continue to operate and serve UCPB customers until the systems integration and accounts migration to LandBank are completed.
The majority of UCPB branches will be converted as LandBank branches and will be announced regularly to the public.
Existing service fees will likewise still apply for cash withdrawals of UCPB cardholders at LandBank ATMs until all accounts are converted or migrated to LandBank that comes with new ATM cards.
FROM: THE MANILA TIMES