Government-owned Land Bank of the Philippines (Landbank) has completed its merger with United Coconut Planters Bank (UCPB) by converting all branches under Landbank ahead of the central bank’s March 1 deadline.
Landbank President and CEO Cecilia C. Borromeo said on Tuesday, May 9, that the merger was “seamless” and was completed last Feb. 25. She also described it as a “timely” fusion of the two government commercial banks.
There were 188 UCPB branches and over 495,000 accounts that are now under the Landbank brand. The conversion began last July 2022 and were completed February this year which was ahead of the March 1 deadline given to them by the Bangko Sentral ng Pilipinas.
Borromeo said that in converting UCPB branches as Landbank, they not only improved the quality of service but also made sure that it was uninterrupted.
Landbank has converted all of UCPB branches and accounts into its system with “no major operational disruption.”
“With the bolstered branch network and resources, (Landbank) is now more positioned to play a principal part in the development and financial inclusion agenda of the National Government,” said Borromeo.
It was on March 1, 2022 when the merger officially took effect following Executive Order No. 142 which was signed by former President Rodrigo R. Duterte on June 25, 2021.
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 this year, according to the bank.
With UCPB’s additional branches, 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.
Landbank as the surviving entity, acquired all of UCPB capital and resources which it will use to fund agriculture and rural development.
The merger catapults the bank in a “better position to reach and service more farmers, fishers and other players in the agribusiness value chain nationwide,” said Borromeo previously.