The Market Monitor Minding the Nation's Business
Land Bank of the Philippines (LANDBANK) is poised to intensify its focus on serving its diverse clientele of key development sectors with the privatization of UCPB Savings Bank, Inc. (UCPB-SB), allowing it to better streamline resources and facilitate more efficient capital deployment.
President Ferdinand R. Marcos Jr. approved the privatization of UCPB-SB through Memorandum Order No. 28, issued on 06 August 2024. The domestic savings bank became a subsidiary of LANDBANK following its merger with the United Coconut Planters Bank (UCPB) in 2022.
The privatization stems from LANDBANK’s capacity to offer similar banking services to those of UCPB-SB and is aligned with the government’s broader efforts to rationalize resources and improve operational efficiency.
“The privatization of UCPB Savings Bank is a strategic initiative designed to improve operational efficiency and service quality. This transition will optimize resource allocation and support LANDBANK’s mission of inclusive development, consistent with the National Government’s broader efforts to streamline operations,” said LANDBANK President and CEO Lynette V. Ortiz.
Aside from reducing demand on government resources while maintaining high service standards, the privatization will allow LANDBANK to better focus its resources on serving its mandated and priority sectors, in support of the country’s inclusive development agenda.
With the privatization approval, LANDBANK is selling its ownership share equivalent to 97.55% of the equity of UCPB-SB to qualified private parties, subject to pertinent laws, rules and regulations.
Interested buyers may contact UCPB-SB through EGSantos@ucpbsavings.com or LANDBANK Investment Banking Group via ibg@landbank.com for inquiries.
Potential buyers may also access the UCPB-SB website for more detailed information.
Meanwhile, LANDBANK assures UCPB-SB clients of a smooth transition with all banking services to be uninterrupted and all deposits and investments remaining safe and secure.