The Philippine Competition Commission (PCC) has approved Philippine Veterans Bank’s ₱2.7-billion acquisition of UCPB Savings Bank Inc. from Land Bank of the Philippines, clearing the way for the lender to expand its retail footprint.
In a decision dated Oct. 28, 2025, the antitrust regulator said the purchase of 97.55% of UCPB Savings’ outstanding shares will not substantially lessen competition, noting that the two banks operate in different market segments and have relatively small market shares.
The transaction forms part of the government’s plan to privatize UCPB Savings under a directive signed by President Ferdinand Marcos Jr. in August 2024. Veterans Bank and Landbank signed the share purchase agreement in July this year, valuing the thrift bank at about ₱2.7 billion.
Veterans Bank is a private commercial bank that also serves as a government depository institution. It offers deposit-taking, loans, trade finance, foreign exchange, and trust services, and owns New Rural Bank of Agoncillo Inc. UCPB Savings operates as a thrift bank providing deposit, lending, fund transfer, and treasury services.
The lender has strong business ties to Congressman Martin Romualdez. Veterans Bank’s 2024 regulatory filings identify RYM Business Management Corp., linked to the Romualdez famil, as its largest shareholder with a 39.84% stake. Romualdez also backed the law that updated the bank’s charter.
The PCC said it found no horizontal or vertical overlaps that would raise antitrust concerns.
Even under a broad market definition covering deposit-taking and lending across universal, commercial, thrift, and rural banks, the regulator said the deal remains unlikely to reduce competition due to the presence of many rival institutions.
