Landbank said that its merger with UCPB will benefit the agriculture sector.
LANDBANK — The Land Bank of the Philippines said that its merger with United Coconut Planters Bank (UCPB) will benefit the agriculture sector the most.
Landbank president and CEO Cecilia Borromeo said that the bank’s merger with UCPB advances the government’s development agenda in order to support the agriculture sector through a “stronger, more resilient and unified banking institution”.
According to the state-run bank, the merger will provide more robust support to the Philippines’ agriculture sector for inclusive rural development.
“The merger places us in a better position to reach and service more farmers, fishers, and other players in the agribusiness value chain nationwide,” Borromeo said.
Inquirer reported that Landbank will be the surviving entity in the merger that shall create the country’s second-biggest bank in terms of assets, totaling PHP 2.9 trillion.
The state-run bank added that the increased financial muscle will “significantly grow the bank’s loan portfolio” directed at servicing the whole agriculture sector alongside key development industries.
With the merger, UCPB and Landbank’s customers can access a total of 677 branches and branch-lite units, 228 cash deposit machines, and 2,800 automated teller machines (ATMs) across the country.
The state-run bank said that its customers are assured that the services of both UCPB and Landbank will continue to be unhampered, with deposits remaining secured and intact 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 state-run bank said. “The majority of UCPB branches will be converted as Landbank branches and will be announced regularly to the public.”
Moreover, the state-run bank said that existing service fees will still apply for UCPB cardholders’ cash withdrawals at Landbank ATMs until all accounts are converted or migrated to Landbank that comes with new ATM cards.