Land Bank of the Philippines' planned acquisition of Philippine Postal Savings Bank Inc. will likely be finalized early in 2018 following its receipt of approval from the country's central bank, GMA News reported Dec. 22, citing central bank officials.
Bangko Sentral ng Pilipinas' monetary board approved the deal "two weeks ago," central bank Deputy Governor Chuchi Fonacier said.
Once the deal is completed, Land Bank of the Philippines will convert the savings bank into Overseas Filipino Bank, which will focus on services for overseas Filipino workers. The bank aims to complete the process by February 2018, central bank Governor Nestor Espenilla Jr. said.
The deal is still subject to approval by the Philippine Competition Commission. Arsenio Balisacan, chairman of the anti-trust body, said the PCC will release its decision on the plan early in 2018.
Philippine President Rodrigo Duterte gave his approval for the deal in September.