trending Market Intelligence /marketintelligence/en/news-insights/trending/p0BepQSvLyTZCrq85N_dkA2 content esgSubNav
In This List

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

Podcast

Street Talk | Episode 98: Regulatory scrutiny having cooling effect on community bank M&A

Blog

Insight Weekly: M&A outlook; US community bank margins; green hydrogen players' EU expansion

Podcast

Street Talk | Episode 97: Recessionary fears still keeping bank investors on the sidelines

Blog

Making sanctions effective: Key themes for banks


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.