Monday 20 August
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.

Tags: , , , , , ,

Related Stories
These state-owned firms are out to prove their worth.
The Philippines is looking to rely on Japanese funding and expertise to bring this railway
The government is backing Congress' plan to grant 14th month pay to workers.
President Rodrigo Duterte has found a replacement months after the grand sacking.


Trending News

Recommended on sister sites

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