WebClick Tracer

October 02, 2023

Landbank-DBP merger projected for completion in first half of 2024, says finance secretary

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.


PNB recognized during SSS’s 66th anniversary celebration

The Social Security System (SSS) has bestowed two prestigious awards upon Philippine National Bank (PNB), designating them as the “Best Collection Partner” for the Overseas Bank category and the “Best Disbursement Partner” for the Universal Bank category during the “Balikat ng Bayan” Awards (BBA) 2023 ceremony held at the SSS Main Office in Quezon City on September 8.

Read More ...