Land Bank selling UCPB Savings Bank for P2.39 billion

Land Bank of the Philippines plans to sell UCPB Savings Bank Inc. for at least P2.39 billion. The sale will be conducted through a negotiated process. Interested buyers need to complete a pre-qualification step and submit their letters of intent by March 24. The sale includes nearly 7 million common shares of UCPB Savings, with a minimum price of P341.14 per share. This move comes after President Marcos approved the privatization of UCPB Savings Bank in August 2024 through a memorandum order. UCPB Savings became part of Land Bank after it merged with the United Coconut Planters Bank in 2022. Land Bank has said it can provide similar banking services to those offered by UCPB Savings.