The Philippines’ Securities and Exchange Commission (SEC) approved the merger of Land Bank of the Philippines subsidiaries, LANDBANK Leasing and Finance Corporation (LLFC) and UCPB Leasing and Finance Corporation (ULFC), with LLFC as the surviving entity.
Operational turnover and transition activities followed the SEC approval, LandBank said in a statement.
The merger, authorized by President Ferdinand Marcos Jr.’s Executive Order 65 on Aug. 6, 2024, aims to eliminate overlapping mandates and functions.
It follows Land Bank’s 2022 integration of United Coconut Planters Bank (UCPB), which brought ULFC under Land Bank’s control.
“This merger is a strategic step towards strengthening our leasing and finance operations, ensuring greater efficiency and financial capability to support key sectors,” said Land Bank president and chief executive Lynette Ortiz.
“By consolidating LLFC and ULFC into a single entity, we are optimizing resources, expanding market reach, and bolstering our contribution to the government’s inclusive growth agenda,” said Ortiz.
The consolidation aligns with the government’s effort to strengthen state-owned financial institutions by enhancing their capital base and operational efficiency.
The bank said the merger positions LLFC to scale up support for agriculture, infrastructure development, and small and medium enterprises (SMEs), aligning with Land Bank’s mission of advancing inclusive and sustainable growth.
LandBank assured clients of LLFC and ULFC of a smooth and orderly transition, ensuring uninterrupted customer service.
The merger expands Land Bank’s financial services and reinforces its role in driving national economic development, the bank said.