A PYMNTS Company

Philippines: President orders merger of two state-run lenders

By  |  February 9, 2016

The president of the Philippines has signed an executive order for the merger of two state-run banks, creating the nation’s second-biggest lender by assets after BDO Unibank Inc.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    President Benigno Aquino approved the merger of Development Bank of the Philippines (DBP) and Land Bank of the Philippines, subject to consent from the Philippine Deposit Insurance Corp and the central bank.

    The merger is aimed at creating a more efficient and financially viable institution that would continue supporting the government’s economic growth agenda, Aquino said in his order published by a local daily newspaper on Tuesday.

    Full content: Reuters

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.