Business World

LandBank deal to acquire Postbank cleared by regulator

- C. Tubayan Elijah Joseph

THE PHILIPPINE Competitio­n Commission (PCC) approved the acquisitio­n by Land Bank of the Philippine­s of Philippine Postal Savings Bank, with the latter intended to serve as the domestic network of the Overseas Filipino Bank.

“PCC has approved the acquisitio­n by Land Bank of the Philippine­s (LandBank) of Philippine Postal Savings Bank (PostBank),” PCC Chairman Arsenio M. Balisacan said in a social media post on Thursday.

PostBank will act as the remittance marketing arm for the Overseas Filipino Bank — the creation of which was a campaign promise of President Rodrigo R. Duterte.

In September, Mr. Duterte authorized the acquisitio­n through Executive Order No. 44.

Finance Secretary Carlos G. Dominguez III told reporters on Thursday that the new bank will be launched on Jan. 18.

He has said that the takeover will require about a P1 billion capital infusion.

LandBank President and Chief Executive Officer Alex V. Buenaventu­ra said the new bank is scheduled to conduct pilot operations in Dubai.

Mr. Buenaventu­ra has said that the Overseas Filipino Bank’s authorized capital is P1 billion, with P300 million classified as preferred capital open to overseas Filipinos to invest in, and P700 million in paid- up common shares. —

 ??  ?? PHILIPPINE POSTAL Savings Bank will act as the remittance marketing arm for the Overseas Filipino Bank.
PHILIPPINE POSTAL Savings Bank will act as the remittance marketing arm for the Overseas Filipino Bank.

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