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Merger of Philippines' two major banks to be completed in H1 2024

The proposed merger between the Land Bank of the Philippines (Landbank) and the Development Bank of the Philippines (DBP) is projected to complete in H1 2024, slightly later than the initial target of 2023-end, says Department of Finance Secretary Benjamin Diokno. Following the approval of the Executive Order, the Operational Integration Plan should be approved by September, with the final legal merger set for November. Diokno anticipates Bangko Sentral ng Pilipinas' approval by year-end, leading to the full merger completion by mid-2024. Expected to generate up to PHP975m (USD17.6m) annual savings, the merged entity, under Landbank, will boast an estimated asset size of about PHP4.18tr, a deposit base of PHP3.59tr, and be positioned as the sole government depository bank.


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