Land Bank poised to become PH largest bank

Land Bank of the Philippines is poised to overtake the Sy-led BDO Unibank Inc. as the country’s largest bank after President Marcos approved the proposed merger of the two state-owner lenders. ManilaBulletin

Finance Secretary Benjamin E. Diokno said the government will merge the Development Bank of the Philippines with Land Bank, effectively creating the largest financial institution in the country in terms of assets and deposits.

Based on the Bangko Sentral ng Pilipinas data, BDO is currently the country’s biggest bank in terms of assets with P3.73 trillion as of Sept. 30, 2022. “The merger complements the strengths and addresses the weaknesses of the two banks,” Diokno said. “The improved financial position will [also] provide a bigger headroom for loans that can be utilized for development projects.”

“Projected operating costs savings due to the merger could reach at least P5.3 billion per year, or more than P20 billion over the next four years; this is a conservative estimate,” Diokno said.

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