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Philippines: President orders merger of two state-run lenders

 |  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.

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

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