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Marcos approves merger of UCPB and Landbank leasing and finance units

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Banks In The Philippines News

Land Bank Of The Philippines,Business,Economy &Amp

According to analysts, the merger between the leasing and financing units of the two state banks was already widely expected as a natural follow-up to the Landbank-UCPB merger

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LLFC and ULFC are both attached to the Department of Finance and can extend credit to businesses for the acquisition of equipment and other assets. Given this, the GCG found that a merger between LLFC and ULFC would be “in the best interest of the State, to eliminate unnecessary overlap in mandates and functions.” The merger was also recommended by the DOF, Department of Budget and Management, Landbank, Commission on Audit, Securities and Exchange Commission, and Bangko Sentral ng Pilipinas.

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Marcos approves merger of LBP, UCPB finance and leasing corporationsMANILA, Philippines — President Ferdinand Marcos Jr. approved the merger of the Land Bank of the Philippines Leasing and Finance Corporation (LLFC) and United Coconut Planters Bank Leasing and Finance Corporation (ULFC), Malacañang said Friday.
Source: TheManilaTimes - 🏆 2. / 92 Read more »