The Land Bank of the Philippines (LANDBANK) announced the successful conclusion of the merger of United Coconut Planters Bank (UCPB) with LANDBANK, following the conversion of all UCPB branches and accounts into its system with no major operational disruption.
The conversion activities for 188 UCPB branches and over 495,000 accounts started on 09 Jul. 2022 and were completed on 25 Feb. 2023, ahead of the 01 Mar. 2023 deadline set by the Bangko Sentral ng Pilipinas (BSP).
“The seamless and timely completion of the merger is a testament to LANDBANK’s commitment to providing quality and uninterrupted service. With the bolstered branch network and resources, the Bank is now more positioned to play a principal part in the development and financial inclusion agenda of the National Government,” said LANDBANK President and CEO Cecilia Cayosa Borromeo.
The merger of LANDBANK and UCPB officially took effect on 01 March 2022, pursuant to Executive Order No. 142 signed by former President Rodrigo R. Duterte on 25 June 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 2023.
LANDBANK customers now enjoy access to wider physical touchpoints and menu of banking products and services.
The Bank now has 607 branches and branch-lite units, 58 lending centers, 2,906 automated teller machines (ATMs), 224 cash deposit machines (CDMs), and 1,072 Agent Banking Partners (ABPs) nationwide.