THE Philippine Competition Commission (PCC) has cleared the P2.7-billion acquisition by Philippine Veterans Bank of 97.55 percent of UCPB Savings Bank, ruling that the deal will not lessen competition in the country’s banking industry.
In a decision dated Oct. 28, 2025, the PCC said the transaction — covered by a July 8 share purchase agreement between Veterans Bank and Land Bank of the Philippines, the parent of UCPB Savings — poses no competitive concerns given the parties’ limited market presence and differing business segments.
The acquisition forms part of UCPB Savings’ privatization under Memorandum Order 28, signed by President Ferdinand Marcos Jr. in August 2024. Landbank and Veterans Bank filed separate notifications to the PCC on July 16 and July 24, respectively. / KOC