Commission Decision No. 02-M-051/2018 Acquisition by Landbank of the Philippines of Shares in Postal Savings Bank, Inc.
Commission Decision No. 02-M-051/2018
Acquisition by Landbank of the Philippines of Shares in Postal Savings Bank, Inc.
The Land Bank of the Philippines (Landbank) is a government financial institution with a universal banking license created by virtue of R.A. 3844 known as the Agricultural Land Reform Code to primarily finance the acquisition of agricultural estates for distribution to small landholders. Philippine Postal Savings Bank (Postbank) is a government bank with a thrift banking license that was created on 24 May 1906 as a division of the Bureau of Posts. Postbank’s ultimate parent entity is the Philippine Postal Corporation.
Executive Order No. 44, Series of 2017 directed Landbank to acquire Postbank. Postbank will be a wholly-owned and fully-controlled subsidiary of Landbank and will be converted into the Overseas Filipino Bank (OFB) that will serve as its foreign and domestic remittance marketing arm catering to the banking needs of Filipino migrant workers worldwide.