The Land Bank of the Philippines (Landbank) yesterday confirmed the successful conclusion of its merger with United Coconut Planters Bank (UCPB) after all UCPB branches and accounts were converted into its system “with no major operational disruption.”
Cecilia Borromeo, Landbank president and chief executive officer, said this involved 188 UCPB branches and over 495,000 accounts.
“The seamless and timely completion of the merger is a testament to Landbank’s commitment to providing quality and uninterrupted service. With the bolstered branch network and resources, the bank is now more positioned to play a principal part in the development and financial inclusion agenda of the national government,” Borromeo said.
The merger of Landbank and UCPB officially took effect in March last year, pursuant to Executive Order No. 142 signed by former President Rodrigo Duterte on June 25, 2021, with Landbank as the surviving entity.
The conversion activities started in July last year and were completed on Feb. 25, 2023.
This is ahead of the March 1, 2023, deadline set by the Bangko Sentral ng Pilipinas.
“The merger further solidified Landbank’s ranking as the second-largest bank in the country, with total assets reaching P3.1 trillion as of end-March 2023,” Borromeo added.
She said Landbank customers now enjoy access “to wider physical touch points and menu of banking products and services.”
Landbank now has 607 branches and branch-lite units, 58 lending centers, 2,906 automated teller machines, 224 cash deposit machines and 1,072 agent banking partners nationwide.
Former UCPB clients were also assured that “banking services will continue to be unhampered throughout the merger process, with deposits remaining intact and secured in their respective servicing branches,” Landbank said. – Jimmy Calapati
