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Manila Bulletin devider Business devider Banking & Finance devider Merger in the offing

Merger in the offing

Published Jun 13, 2025 12:00 am

It’s a day late, but Happy Independence Day!

Yes, Virginia, June 12 marked the 127th year of our independence. But wait, did you know there’s even more to celebrate every June 12? Based on my research, did you know that June 12 is also Raggedy Ann and Andy Day, as well as National Jerky Day, Superman Day, World Day Against Child Labor, and National Peanut Butter Cookie Day?

Our Independence Day celebration reminds us of our forebears, the veterans, who gallantly fought for our freedom. This brings to the fore the current buzz I hear along the banking corridors: the new management of Philippine Veterans Bank is keenly eyeing to purchase UCPB Savings Bank Inc.

The buy-out will be undertaken through a negotiated sale by RYM Business Management Corp., owned by the family of House Speaker Ferdinand Martin Romualdez, which acquired a 49 percent interest in Veterans Bank in 2023.

A wholly-owned subsidiary of Land Bank of the Philippines, UCPB Savings has been on the auction block following the President's approval of its privatization in August last year. In March 2022, Land Bank inherited UCPB Savings after its merger with the mother bank, United Coconut Planters Bank.

The sale of UCPB Savings will not only provide one-time incremental revenue for Land Bank, estimated at ₱2.4 billion, but will also notably lessen its management responsibility because it likewise owns the Overseas Filipino Bank (OFBank).

The only state-owned digital bank, OFBank used to be the Philippine Postal Savings Bank and caters to the financial needs of our unsung heroes – the overseas Filipino workers.

“It’s a bit redundant” to own and manage both OFBank and UCPB Savings, explained a muted source familiar with the disposition.

Despite its positive performance and the inherent attraction of having 49 branches with 10 branch-lite units and four lending offices, Land Bank suffered two failed attempts to dispose of UCPB Savings. As a result, the disposition will now go through the negotiated route, as allowed under procurement law.

It was said that the entry of RYM Business gave Veterans Bank fiscal strength. From what I’ve gathered, it also came with changes in the bank's top management, which are now peppered with former UCPB officials. Lest I be misconstrued here, I'm all for changes that bring in new ideas with an end in view of enhancing performance efficiency and customer service.

In broad strokes and all things considered, I can grasp the narrative behind the keen interest to acquire UCPB Savings, an institution that is so familiar to the new set of Veterans Bank top-tier officials.

Interestingly, however, as I write this during the early morning of our Kalayaan Day, the bank’s website has yet to be updated, with Renato “Toto” A. Claravall still at the helm as president despite his “retirement” in the second half of 2024.

Mr. Toto has been replaced by Eulogio Catabran III, former UCPB executive vice president and head of treasury. Arturo Lipio is now the bank’s trust officer, with the “retirement” of Reevie Vergara.

Leading corporate lawyer Carlos Ocampo, senior partner of Ocampo & Manalo Law firm, has been named vice chairman, replacing Guillermo “Com. Willy” Parayno, Jr., former Bureau of Customs Commissioner, who passed on two years ago. Former Finance Secretary Roberto F. de Ocampo remains the chairman. But like Mr. Toto, Com. Willy is still listed as the vice chair on the bank’s website.

The latest I heard is that Land Bank has already transmitted this to the Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas. Should the deal push through without hitches, I believe it's a no-brainer that the surviving entity would be Veterans Bank, the lender that is the envy of banking players because of its special privilege of being a government depository bank, as allowed in its amended charter.

The banking podium becomes provocatively interesting.

Talkback to me at [email protected]

Related Tags

Landbank of the Philippines United Coconut Planters Bank (UCBP) Veterans Bank UCPB Savings
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