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PCC OKs Philippine Veterans Bank’s P2.7B acquisition of UCPB Savings Bank
The Philippine Competition Commission (PCC) has given its go-signal for Philippine Veterans Bank's acquisition of a majority stake in UCPB Savings Bank.
The antitrust watchdog approved Veterans Bank's purchase of 97.55 percent of UCPB Savings' outstanding shares from its parent company, Land Bank of the Philippines, for approximately P2.7 billion.
This acquisition is part of the privatization of UCPB Savings, mandated by an order from President Ferdinand Marcos Jr.
The PCC concluded that the transaction would not negatively impact competition within the banking sector.
Their review indicated no existing competitive overlaps between Veterans Bank and UCPB Savings, as they cater to different clienteles and operate under distinct banking classifications.
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