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Land Bank of the Philippines to acquire Philippine Postal Savings Bank

Land Bank of the Philippines will acquire Philippine Postal Savings Bank and convert it into a bank that caters to the needs of overseas Filipino workers, ABS-CBN News reported Nov. 16, citing Philippine Finance Secretary Carlos Dominguez III.

The proposed acquisition could take 11 months to complete, Dominguez said.

The news comes after the Philippine government in September scrapped a plan to merge Land Bank of the Philippines and another state-run Development Bank of the Philippines.