LANDBANK CEO: UCPB Savings sale will enhance service quality

State-run LAND BANK of the Philippines is set to privatize UCPB Savings Bank as part of its strategy to improve service quality and operational efficiency.

The move aims to streamline resources, allowing LANDBANK to focus more on its mission of inclusive development.

“The privatization of UCPB Savings Bank is a strategic initiative designed to improve operational efficiency and service quality,” LANDBANK president and CEO Lynette V. Ortiz said in a statement.

“This transition will optimize resource allocation and support LANDBANK’s mission of inclusive development, consistent with the national government’s broader efforts to streamline operations,” she added.

Lynette V. Ortiz
LANDBANK President, CEO 

President Ferdinand R. Marcos Jr. approved the sale plan through Memorandum Order No. 28 last August, allowing LANDBANK to focus on key development sectors.

UCPB-SB became a subsidiary of the state-run lender after its merger with United Coconut Planters Bank in 2022.

LANDBANK will sell its 97.55 percent stake in UCPB-SB to qualified private buyers.

Interested parties can contact UCPB-SB or LANDBANK’s investment banking group for more details.

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Tuesday, 5 November 2024
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