Since this month’s theme is love, we’ll discuss the continuing romance between the Land Bank of the Philippines and United Coconut Planters Bank (UCPB).

“Where do I begin, to tell the story of how a great a love can be?”is the opening line of thesignature song of the blockbuster film Love Story starring Ryan O’neal and Ali McGraw.

The love story of Land Bank-UCPB started when I was still deeply embedded in the banking and finance beat. Back then it was an off-and-on relationship. The parties’ engagement had been deferred indefinitely several times.

At one point in their love story, there was another suitor, the Development Bank of the Philippines. The courtship fizzled out.

The fiancé relationship based on the latest development has finally begun. The courtship is done with. The engagement was announced, anchored on the support of the Bangko Sentral ng Pilipinas (BSP), the Department of Finance (DOF), the Philippine Deposit Insurance Corp. (PDIC) and the Securities and Exchange Commission.

The first step taken with the authorities' go signal wasthrough transactional documentations.

As in most marriages, the wife takes on the surname of the husband. In this union, UCPB represents the female partner. Land Bank is the male partner,and becomes the surviving entity.

Saying goodbye to the UCPB marquee may take a while. Unfortunately, the change of its logo from coconut planting did not do justice. The current logo consists of four colors – navy blue, teal, silver and white – to some it looks like kung fu fighting.

The chemist that I am, I see it differently. It may be inappropriate at this time but I see the logo as a symbol similar to infinity. 

The path to achurch union is long and winding - very much like that of the Philippine National Bank (PNB) and Allied Bank, which started in 2007 but the marriage was consummated only in February 2013.

For now, however, the concerned authorities overseeing the merger are exerting their best effort to strengthen the foothold of Land Bank in order to justify the rationale for the marriage, which is to “allow the national government to have stronger, more resilient and unified banking institution in promoting inclusive and sustainable rural development and broadening financial inclusion” among the populace.

Whew, that’s quite long. But, wait there’s more: the merged bank as envisioned will have a “wider network of touch points in the countryside.” Touch points seem complicated. Simply put, though, the objective is to provide easier banking services to the fisherfolks and the farmers.

Calls to mind former Socio-economic Planning Secretary Ciel Habito at last week’s Management Association of the Philippines zoom meeting whose comment instilled in my memory, “I expect Land Bank to be profitable and contribute to our national treasury.” Government financial institutions like Land Bank and DBP as well as government-owned and controlled corporations are required to remit dividends to the national government.

This is received from my inbox in reaction to my previous column about “debt of gratitude,” easing out PNB from the handling of BSP’s payroll account. “It’s part of the mission to build and strengthen the financial roots of Land Bank.”

And to “attain stronger financial muscle,” the latest tittle-tattle from the banking corridors is that PDIC has issued a memorandum ordering payments due to clients of foreclosed banks and financial institutions to be issued Land Bank’s green card. It’s called green because the color is closely associated with Land Bank. It’s actually an ATM cash card, where the amount due will be credited instead of paying cash or manager’s check.

The end all and be all, of the memo, is to automatically transform PDIC clients into Land Bank depositors. Ingenious! Preparations are underway and should all systems go, the word is this will take effect between end March and/or sometime the second quarter.

Let’s see how the wheels of Land Bank-UCPB love story churn out.

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