The Philippine Competition Commission has cleared the acquisition, saying it will not lessen competition even under a broad reading of banking services.
The takeover stems from a July 8, 2025 share purchase agreement between Veterans Bank and Land Bank of the Philippines, which assumed control of UCPB Savings.
The thrift bank was later ordered privatized in 2024 under Memorandum Order No. 28.
The PCC found no overlaps because Veterans Bank operates as a commercial bank—with a rural banking subsidiary in Batangas, while UCPB Savings is a thrift bank serving a different customer base under separate Bangko Sentral classifications.
“Even under a broad market definition encompassing core banking services such as deposits and loans across all banking types, the transaction is unlikely to result in a substantial lessening of competition, given the parties’ small market shares and the presence of numerous competitors in each segment,” the PCC said.
—Edited by Miguel R. Camus
