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Land Bank of the Philippines eyes approval for savings bank deal by June 2017

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Land Bank of the Philippines eyes approval for savings bank deal by June 2017

Land Bank of the Philippines expects to secure the central bank's approval for its proposed acquisition of Philippine Postal Savings Bank Inc. before the end of June 2017, BusinessWorld reported Dec. 23, citing Erwin Rommel Almacen, corporate planning officer of the bank.

The deal is expected to be completed by the third quarter of 2017 after which the acquirer will convert the savings bank into a subsidiary. The eventual plan of the government is to convert Philippine Postal Savings Bank into a new bank dedicated to serving overseas Filipino workers.

Almacen added that the acquisition is not expected to have an impact on the bank's overall growth in 2017, given that the Philippine Postal Savings Bank's assets and client base are less than 1% of Land Bank of the Philippines.