Fitch warns of negative impact of LandBank-UCPB merger

By Mayvelin U. Caraballo

Jul 02, 2021 1:32 am

Fitch Ratings warned on Thursday that the planned merger of Land Bank of the Philippines (LBP or LandBank) and United Coconut Planters Bank (UCPB) could harm the state-owned lender's standalone credit rating.

Executive Order 142 required the financial institutions to merge. LandBank, the country's largest public sector bank, will be the only one to survive the merger.

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