UCPB seeks extension of corporate life

MANILA, Philippines—United Coconut Planters Bank is seeking an extension by the Securities and Exchange Commission of its corporate life by another 50 years in order to continue playing a key role in countryside development.

In a special meeting on Wednesday, the UCPB’s stockholders voted for the extension of the bank’s corporate life, which is slated to lapse next year, as the bank vowed to pursue more technology-driven products and expand loan portfolio, remittance business, fee income and branch network this year.

Following the shareholders’ approval, Kilakyo said in a text message that UCPB would file the request for extension of corporate life with the SEC within the next few weeks.

“With the extension of the bank’s corporate existence now a certainty, it can sustain its growth momentum toward becoming a bigger and stronger financial institution,” UCPB president and CEO Jeronimo Kilayko said in a press statement.

“I also wish express my immense gratitude to the bank’s private and government shareholders for having taken a united stand in voting for the extension of the bank’s corporate life and, in essence, manifesting their earnest desire for the coconut industry’s common good long-term benefits from UCPB’s commitment to continue helping develop this precious industry,” Kilayko added.

The bank’s extended life also ensures that UCPB will be able to benefit the government in the repayment of the bank’s obligations while the bank heeds its primary mandate to provide financial services and assistance in developing the countryside.

Established in 1963, UCPB was the first private local bank to become a universal bank as it obtained its expanded commercial banking license in 1981. UCPB plans to open five additional UCPB branches during the year to bring its total branch network to 193.

In 2011, UCPB grew its net profit by 25 percent to P3.05 billion.