UCPB vows transparent bidding process

SCREENGRAB from www.ucpb.com

MANILA, Philippines—United Coconut Planters Bank has vowed to pursue an “open” and “transparent” process in selecting a strategic investor as it finalizes the terms and conditions for a recapitalization program that has now attracted a number of potential investors.

In a press statement on Wednesday, UCPB, the 12th largest bank in the Philippines in terms of assets, said it was “still in the process of finalizing the terms and conditions for its recapitalization.”

The bank assured the public that the procedure of identifying and determining the number of investors who would be invited would be done in an “open and transparent manner.”

“While the bank has already received numerous expressions of interest as well as inquiries on the terms for the recapitalization from both local and foreign entities, it has not entered into any detailed discussion with nor granted access to its records to anyone. Interested parties can assess UCPB’s performance through publicly available records,” the bank said.

The bank said its recapitalization activities would be announced in due time.

Among the banks that have previously indicated interest in bidding for a controlling stake in UCPB are Banco de Oro Unibank, Union Bank of the Philippines, East West Bank and Philippine National Bank.

San Miguel-controlled Bank of Commerce is also interested in UCPB but on the sidelines of SMC’s stockholders meeting on Tuesday, SMC president Ramon S. Ang expressed concern that the banking subsidiary may be barred from participating. He said that only banks of a certain size may be entertained in the UCPB bidding.

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