Landbank eyes P2.39B from negotiated sale of UCPB Savings

UCPB Savings

MANILA, Philippines — State-run Land Bank of the Philippines is seeking to privatize UCPB Savings Bank Inc. through a negotiated sale for a total minimum price of P2.39 billion.

Interested buyers — who will have to undergo a pre-qualification process — have until March 24 to submit a letter of intent, based on an advisory published by Landbank on Wednesday.

The sale involves nearly 7 million common shares in UCPB Savings priced at a minimum of P341.14 each.

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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