State-run lenders Land Bank of the Philippines (Landbank) and Development Bank of the Philippines (DBP) are expected to complete their merger by the first half of 2024, according to Finance Secretary Benjamin E. Diokno.
The merger will be completed after the submission of the executive order to the Office of the President and approval from the Bangko Sentral ng Pilipinas (BSP).
The executive order for the merger has been submitted to the Office of the President and is undergoing review, with approval expected soon.
The merger aims to create a single government depository bank, consolidate financial resources, and simplify transactions with counterparties.
The merged entity is projected to have an asset size of P4.185 trillion and generate annual savings of up to P975 million.