The Philippine Competition Commission (PCC) said it has cleared the proposed acquisition by Philippine Veterans Bank (Veterans Bank) of 97.55 percent of the total issued shares of UCPB Savings Bank, Inc. (UCPB Savings).
The transaction involves a share purchase agreement dated July 8, 2025, between Veterans Bank and Land Bank of the Philippines (Landbank), the ultimate parent entity of UCPB Savings, following the latter’s privatization under Memorandum Order No. 28 dated August 6, 2024, issued by President Ferdinand Marcos, Jr.
The total consideration for the acquisition is approximately PhP2.7 billion. The transaction was notified to the Commission through separate filings: Landbank submitted its notification form on July 16, 2025, and Veterans Bank on July 24, 2025.
Veterans Bank is a private commercial bank offering a range of financial services, including deposit-taking, loans and trade finance, domestic and foreign fund transfers, treasury, foreign exchange, and trust services.
It also owns New Rural Bank of Agoncillo, Inc., a rural bank based in Agoncillo, Batangas. UCPB Savings is a domestic thrift bank providing deposit-taking, loans, domestic fund transfers, and treasury services.
The Commission found no horizontal or vertical relationships between the Veterans Bank notifying group and UCPB Savings.
The parties cater to different customer segments and operate under distinct banking classifications (universal and commercial banks, thrift banks, and rural banks) that are governed by different regulatory frameworks under the Bangko Sentral ng Pilipinas.
They also offer differentiated financial products within their respective regulatory and operational scopes. Even under a broad market definition encompassing core banking services such as deposits and loans across all banking types, the transaction is unlikely to result in a substantial lessening of competition, given the parties’ small market shares and the presence of numerous competitors in each segment.
This clearance underscores PCC’s role in ensuring that consolidation in the banking sector proceeds without harming competition. In transactions involving differentiated banking classifications and overlapping regulatory scopes, the Commission remains committed to safeguarding consumer welfare and promoting a level playing field.
