EFFECTIVE today, March 1, 2022, the Land Bank of the Philippines (LBP) and the United Coconut Planters Bank will become one as approved by President Rodrigo Duterte through Executive Order 142 signed by President Rodrigo Duterte on June 25, 2021, to form a better capitalized and more resilient institution.
According to the LBP, the union will provide a more robust support to the country’s agriculture sector for inclusive rural development.
“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,” LBP President and CEO Cecilia C. Borromeo stated.
Borromeo added that services of both banks will continue 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,” she emphasized.
“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.”
“Both LANDBANK and UCPB customers will have access to a combined network of 677 branches and branch-lite units, 2,800 automated teller machines (ATMs), and 228 cash deposit machines (CDMs) nationwide as of February 23, as well as benefit from a wider range of innovative products and services,” she added.
The union will make LANDBANK’s total assets to P2.9 trillion making it the second-largest bank in the country.
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