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Land Bank of the Philippines gets approval for savings bank deal

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Land Bank of the Philippines gets approval for savings bank deal

The Land Bank of the Philippines obtained regulatory approval for its planned acquisition of Philippine Postal Savings Bank Inc., or PPSB.

On Sept. 28, Philippine President Rodrigo Duterte signed Executive Order No. 44 authorizing the Philippine Postal Corp. to transfer its shares in PPSB to the Land Bank at zero value.

PPSB will be converted into a policy Overseas Filipino Bank, or OFB, which will focus on dedicated services for Filipino workers abroad such as foreign remittance.

The Land Bank was ordered to inject necessary capital into, and implement a reorganization plan for the OFB. The president of the Land Bank will also serve as the chairperson of the OFB's nine-member board, the order set out.