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UCPB. A branch of United Coconut Planters Bank in Makati City.
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Under the revised Government Procurement Reform Act, a negotiated sale is an alternative way of selling an asset if public biddings fail
MANILA, Philippines – Land Bank of the Philippines (Landbank) is looking to raise around P2.39 billion by selling UCPB Savings Bank three years after its merger with the latter’s parent firm, United Coconut Planters Bank.
On Tuesday, March 18, Landbank released an invitation for a negotiated offer sale of nearly 7 million UCPB Savings shares, equivalent to around 97.5% of the latter’s total outstanding shares.
Landbank said the UCPB Savings shares will be offered on a “cash” and “as-is-where-is” basis. This means the buyer must accept UCPB Savings in its current condition.
Additionally, the state bank will only accept offers that match or surpass the minimum P2.39 billion or P341.14 per share price tag.
Under the revised Government Procurement Reform Act, a negotiated sale is an alternative way of selling an asset if public biddings fail.
Landbank previously invited prospective buyers to bid for UCPB Savings in January.
Rappler has reached out to Landbank to confirm whether this bid has failed. We will update this story once we receive a response.
Plans to privatize UCPB Savings were announced in September 2024 after President Ferdinand Marcos Jr. approved the move through Memorandum Order No. 28.
“Transitioning to private ownership will allow [UCPB Savings] to unlock new growth opportunities, innovate rapidly, and create higher returns as it expands its commercial footprint,” Landbank said.
The move comes years after former president Rodrigo Duterte approved the merger of Landbank and UCPB Savings’ parent firm UCPB in 2021. The merger was finalized in 2022, with Landbank as the surviving entity.
As of end-2023, state auditors reported UCPB Savings’ net income dropped 9% to P34.1 billion, while its assets stood at P17 trillion. – Rappler.com
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