The Philippine Competition Commission (PCC) has cleared the proposed P2.7-billion acquisition by Philippine Veterans Bank of 97.55 percent of the issued shares of UCPB Savings Bank Inc.
The deal covers a share purchase agreement signed on July 8, 2025, between Veterans Bank and Land Bank of the Philippines, the ultimate parent of UCPB Savings.
It follows the privatization of UCPB Savings under Memorandum Order No. 28 issued by President Ferdinand Marcos Jr. on Aug. 6, 2024.
LandBank filed its notification with the PCC on July 16, while Veterans Bank submitted its filing on July 24.
Veterans Bank is a private commercial bank offering deposit, lending, trade finance, fund transfer, treasury, foreign exchange and trust services. It also owns the New Rural Bank of Agoncillo Inc.
UCPB Savings is a domestic thrift bank engaged in deposit-taking, lending, fund transfers and treasury operations.
The PCC said its review found no horizontal or vertical links between the parties, noting that they serve different customer segments and operate under distinct classifications, whether universal/commercial, thrift and rural banks, subject to separate regulatory frameworks of the Bangko Sentral ng Pilipinas.
Their financial products are also differentiated, the agency said.
The PCC also said that even under a broad market definition covering core banking services such as deposits and loans across all bank types, the acquisition is unlikely to substantially lessen competition.
It noted that the parties’ have minimal market shares, and numerous competitors are in the banking sector.
