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Land Bank to buy Postbank, convert it to OFW lender

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ABS-CBN News

MANILA - Land Bank of the Philippines will acquire Philippine Postal Savings Bank and transform it into a lender for overseas Filipino workers, Finance Secretary Carlos Dominguez said.Postbank will become a wholly-owned subsidiary of Land Bank after the country&#x27;s fourth largest lender in terms of assets buys it from the Philippine Postal Corp., Dominguez said, adding the transaction could take 11 months.&quot;They have to beef up the bank. It&#x27;s like giving your child some money, but it&#x27;s still yourself,&quot; Dominguez said, referring to Postbank.Postbank is best positioned to cater to overseas Filipinos because of its ties with he postal service, he said.The thrift bank&#x27;s total assets stood at P12.07 billion as March this year, according to central bank data.The proposal to absorb the operations of Postbank came after the Governance Commission on GOCCs abandoned a plan by the previous administration to merge the Land Bank with another state-run lender, the Development Bank of the Philippines.

Land Bank of the Philippines will acquire Philippine Postal Savings Bank and transform it into a lender for overseas Filipino workers, Finance Secretary Carlos Dominguez said.

Land Bank of the Philippines will acquire Philippine Postal Savings Bank and transform it into a lender for overseas Filipino workers, Finance Secretary Carlos Dominguez said.