PRESIDENT Ferdinand R. Marcos Jr. is now pushing for the merger of Land Bank of the Philippines and Development Bank of the Philippines as part of government efforts to cut costs and boost the efficiency of its banking operations.
Marcos initially opposed the merger back in 2016, when he was still a senator, saying it can deprive farmers of access to banking services.and tracking latest “international developments.”The government is expected to save P5.3 billion annually with the expected implementation of the merger before the end of the year, according to Diokno.
It also aims to strengthen the government banking services amid prevailing global bank closures, which included Credit Suisse.Once the merger is implemented, it will make LBP the biggest bank in the country in terms of assets and deposits size.
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Marcos OKs DBP-Landbank mergerPresident Ferdinand Marcos Jr. has approved the merger of Landbank with Development Bank of the Philippines, paving the way for the creation of the new biggest player in the local banking sector. | NCorralesINQ RonWDomingoINQ /PDI NCorralesINQ RonWDomingoINQ Landbank acquired UCPB and now this merger, so thats three banks in one bank. Clearly the govt is looking to fund MWF. NCorralesINQ RonWDomingoINQ fish NCorralesINQ RonWDomingoINQ 😳
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DOF's Diokno: Marcos OKs Landbank-DBP mergerPresident Ferdinand Marcos Jr. approved the proposed merger of state-run lenders Land Bank of the Philippines and Development Bank of the Philippines (DBP), with Landbank as the surviving entity that could become the largest bank in the country in terms of assets.
Source: gmanews - 🏆 11. / 68 Read more »
DBP: Merger with LANDBANK requires legislationState-run Development Bank of the Philippines (DBP) on Tuesday said the plan to merge it with the Land Bank of the Philippines would require legislation.
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Bongbong Marcos backs Landbank-DBP merger, says Finance secretaryFinance Secretary Benjamin Diokno said President Ferdinand Marcos Jr. had “approved” the planned merger of DBM with Landbank of the Philippines in a sectoral meeting on the merger in Malacañang. | DYGalvezINQ / RonWDomingoINQ
Source: inquirerdotnet - 🏆 3. / 86 Read more »