The Land Bank of the Philippines (LANDBANK) announced that its merger with the United Coconut Planters Bank (UCPB) will go into effect today, March 1, with the goal of providing stronger support to the country’s agriculture sector and promoting equitable rural development.
As of February 23, both customers will have access to a combined network of 677 branches and branch-lite units, 2,800 ATMs, and 228 cash deposit machines (CDMs) across the country, as well as a greater range of innovative goods and services, LANDBANK said in a press statement issued Monday, February 28.
LANDBANK’s total assets would climb to P2.9 trillion as the surviving entity, consolidating its position as the country’s second-largest bank in terms of assets.
More importantly, the increased financial muscle will significantly grow the Bank’s loan portfolio directed at servicing the whole agriculture sector alongside key development industries.
“LANDBANK’s union with UCPB advances the government’s development agenda to support the agriculture sector through a stronger, more resilient and unified banking institution. The merger places us in a better position to reach and service more farmers, fishers, and other players in the agribusiness value chain nationwide,” said LANDBANK president and CEO Cecilia C. Borromeo.
Customers are assured that the services of both LANDBANK and UCPB will continue to be unhampered, with deposits remaining intact and secured in their respective servicing branches.
All UCPB branches will continue to operate and serve UCPB customers until the systems integration and accounts migration to LANDBANK are completed. The majority of UCPB branches will be converted as LANDBANK branches and will be announced regularly to the public.
Existing service fees will still apply for cash withdrawals of UCPB cardholders at LANDBANK ATMs until all accounts are converted or migrated to LANDBANK that comes with new ATM cards.
The merger between LANDBANK and UCPB is pursuant to Executive Order No. 142 signed by President Rodrigo Duterte on 25 June 2021, which approved the merger to form a better capitalized and more resilient institution that will play a principal role in the National Government’s development and financial inclusion agenda.