Landbank seeks buyer for UCPB Savings Bank for P2.39B
UCPB Savings
MANILA, Philippines — Land Bank of the Philippines plans to sell UCPB Savings Bank Inc. through a negotiated sale for at least P2.39 billion.
Interested buyers must pass a pre-qualification process and submit a letter of intent by March 24, according to Landbank’s advisory on Wednesday.
The sale involves nearly 7 million common shares in UCPB Savings priced at a minimum of P341.14 each.
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President Marcos had approved the privatization of UCPB Savings through Memorandum Order No. 28, issued in August 2024. The domestic savings bank became a subsidiary of LandBank following its merger with the United Coconut Planters Bank (UCPB) in 2022.
The privatization stems from LandBank’s capacity to offer similar banking services to those of UCPB savings.
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