LANDBANK-UCPB merger starts on March 1, with business-as-usual for customers

ABS-CBN News

Posted at Feb 28 2022 06:30 PM | Updated as of Mar 01 2022 04:44 PM

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MANILA - State-run Land Bank of the Philippines on Monday said its merger with United Coconut Planters Bank will take effect on March 1, Tuesday. 

Despite LANDBANK becoming the sole surviving entity, the services of both banks will continue to be unhampered, with deposits remaining intact and secured in their respective servicing branches, LANDBANK said. 

All UCPB branches will continue to operate and serve UCPB customers until the systems integration and accounts migration to LANDBANK are completed, said the state-run lender.

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, the company added. 

The merger is seen to provide a more robust support to the country’s agriculture sector for inclusive rural development, the state-run lender said in a statement. 

“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,” the company said. 

The merger will push LANDBANK’s total assets to P2.9 trillion “further solidifying its ranking as the second-largest bank in the country in terms of assets,” the bank said. 

“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,” said LANDBANK President and CEO Cecilia C. Borromeo.

The merger between LANDBANK and UCPB was approved by President Rodrigo Duterte via an Executive Order signed on June 25 last year.

On Tuesday, UCPB said all its branches would be renamed as LANDBANK starting this month.

However, it warned that transactions and services that require the processing of LANDBANK accounts or through LANDBANK systems will not be accommodated in the renamed UCPB branches.

"We remain committed to making the integration process as smooth as possible. Rest assured that we will continue to provide you with timely and relevant information on the servicing of your accounts," the bank said.

 

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