Land Bank of the Philippines (LandBank) welcomed the issuance of Executive Order No. 65 which authorizes the merger of Landbank Leasing and Finance Corp. (LLFC) and UCPB Leasing and Finance Corp. (ULFC).
President Ferdinand Marcos Jr. signed EO 65 on Aug. 6, 2024, which effectively merges the two leasing and finance corporations, with LLFC as the surviving entity.
Both LLFC and ULFC are subsidiaries of LandBank, with the latter becoming a subsidiary upon the merger of Landbank and the United Coconut Planters Bank (UCPB) in 2022.
“Given the similar product and service offerings, this synergy will enhance LandBank’s leasing and financing market power and reach. The move is also consistent with the national government’s streamlining to address duplication of functions, and organizational right-sizing to reduce the demand on government resources such as personnel and infrastructure, among others,” said LandBank president and chief executive Lynette Ortiz.
The merger positions LLFC to better support the national government’s development agenda, with its strengthened capital base and improved operational capacity.
The state-run lender also assured the clients of LLFC and ULFC that the merger would be smooth and orderly—with customer servicing unhampered—and conducted with the welfare of all stakeholders in mind.
LandBank is the largest development financial institution in the country promoting financial inclusion, digital transformation and sustainable national development.
Present in all 82 provinces in the county, the bank is committed to providing accessible and responsive financial solutions to empower Filipinos from countryside to countrywide.
