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Manila Bulletin devider Business devider Banking & Finance devider Veterans Bank gets PCC nod for ₱2.7-billion UCPB Savings buyout

Veterans Bank gets PCC nod for ₱2.7-billion UCPB Savings buyout

Published Nov 25, 2025 05:15 pm
Philippine Veterans Bank (PVB) is now set to take over UCPB Savings Bank Inc. from state-run Land Bank of the Philippines (Landbank) in a ₱2.7-billion deal, following approval from the Philippine Competition Commission (PCC).
The PCC said it has cleared PVB’s planned acquisition of 97.55 percent of the total outstanding capital stock of UPCB Savings after it found that the deal will not likely lessen competition.
The transaction is covered by a share purchase agreement dated July 8 between PVB and Landbank, the ultimate parent entity of UCPB Savings.
UCPB Savings was privatized in August of last year under Memorandum Order No. 28 signed by President Ferdinand “Bongbong” Marcos Jr.
The privatization stems from Landbank’s capacity to offer similar banking services to those of UCPB Savings, alongside the government's broader efforts to rationalize resources and improve operational efficiency. 
The transaction, valued at approximately ₱2.7 billion, was notified to the antitrust watchdog by Landbank on July 16 and by PVB on July 24.
Following its review, the PCC said it “found no horizontal or vertical relationships” between both parties.
PVB is a private commercial bank that offers a range of financial services, including deposit-taking, loans and trade finance, domestic and foreign fund transfers, treasury, foreign exchange, and trust services.
UCPB Savings, on the other hand, is a domestic thrift bank providing deposit-taking, loans, domestic fund transfers, and treasury services.
“The parties cater to different customer segments and operate under distinct banking classifications (universal and commercial banks, thrift banks, and rural banks) that are governed by different regulatory frameworks under the Bangko Sentral ng Pilipinas,” the PCC said.
“They also offer differentiated financial products within their respective regulatory and operational scopes,” it added.
The PCC noted that across all banking types, the transaction is unlikely to result in a substantial lessening of competition, given both parties’ small market shares and the presence of multiple players in each of their segments.
“This clearance underscores PCC’s role in ensuring that consolidation in the banking sector proceeds without harming competition,” the regulator said.
“In transactions involving differentiated banking classifications and overlapping regulatory scopes, the Commission remains committed to safeguarding consumer welfare and promoting a level playing field,” it explained.
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