Cheyenne Suarez

Antitrust watchdog clears PH Veterans Bank investment in UCPB Savings

Article (news)

Arthur Fuentes

ABS-CBN News

<div> </div>MANILA — The Philippine Competition Commission (PCC) has approved Philippine Veterans Bank’s plan to acquire a majority stake in UCPB Savings Bank, saying the transaction is unlikely to harm competition in the country’s banking sector.In a decision issued on October 28, the antitrust watchdog cleared Veterans Bank’s purchase of 97.55 percent of UCPB Savings’ outstanding shares from the Land Bank of the Philippines, the thrift bank’s ultimate parent company. The deal, covered by a share purchase agreement signed on July 8, carries a transaction value of about P2.7 billion.The acquisition stems from the privatization of UCPB Savings under a memorandum order signed in August 2024 by President Ferdinand Marcos Jr. Landbank filed its notification with regulators on July 16, while Veterans Bank submitted its filing on July 24.PCC said its review found no horizontal or vertical links between the operations of PVB and UCPB Savings, noting that the two institutions serve different customer segments and fall under distinct banking classifications regulated by the Bangko Sentral ng Pilipinas. PVB is a private commercial lender that also owns the New Rural Bank of Agoncillo in Batangas, while UCPB Savings operates as a domestic thrift bank.The watchdog added that even under a broad interpretation of the market that includes core services such as deposits and loans across banking types, the firms’ relatively small market shares and the presence of numerous competitors would prevent any substantial lessening of competition.PCC said the approval reflects its commitment to ensuring that consolidation in the banking industry does not undermine consumer welfare or distort market conditions.

The Philippine Competition Commission (PCC) has approved Philippine Veterans Bank’s plan to acquire a majority stake in UCPB Savings Bank.

The Philippine Competition Commission (PCC) has approved Philippine Veterans Bank’s plan to acquire a majority stake in UCPB Savings Bank.