Tuesday 20 November
Powered by Ajaxy
Jan 11, 2018 @ 19:20

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.

Please follow and like us:

Tags: , , , , , ,

Related Stories
President Rodrigo Duterte has signed a law providing for the regulation and supervision of payment
President Rodrigo Duterte has approved laws renewing the franchise of Manila Broadcasting Company (MBC) and
The Civil Service Commission, the Commission on Audit, and the Department of Budget and Management
Former President and now House Speaker Gloria Macapagal Arroyo believes the visit of Chinese President


Trending News

Recommended on sister sites

Copyright © 2018 Bilyonaryo - Latest news on the richest Filipinos and Family Business.