PCC clears Landbank-Postal bank buyout
The President’s promised Overseas Filipino Bank will be a reality soon.
Land Bank of the Philippines can now proceed in acquiring the Philippine Postal Savings Bank (Postbank) after it secured the approval of the Philippine Competition Commission (PCC).
In a statement, the PCC said it has approved Landbank’s buyout of Postbank on Thursday, Jan. 11. This essentially clears the way for the conversion of the state-owned lender into a bank that will cater to overseas Filipino workers (OFW).
President Rodrigo Duterte signed Executive Order 44 in October 2017 which ordered the merger between these government banks.
Postbank will be converted to serve as the “foreign and domestic remittance marketing arm” of Landbank — the biggest government-owned financial firm — which will specifically focus on OFW clients.