The merger of the LandBank Leasing and Finance Corporation (LLFC) and UCPB Leasing and Finance Corporation (ULFC) has been sealed through a Palace imprimatur through Executive Order (EO) 65.

President Ferdinand R. Marcos Jr. signed EO 65 on 6 August 2024, which effectively merges the two leasing and finance corporations, with LLFC as the surviving entity.

Both LLFC and ULFC are subsidiaries of LandBank after the state bank’s merger with the United Coconut Planters Bank (UCPB) in 2022.

Synergy enhances services

“Given the similar product and service offerings, this synergy will enhance LandBank’s leasing and financing market power and reach. The move is also consistent with the national government’s streamlining to address duplication of functions, and organizational right-sizing to reduce the demand on government resources such as personnel and infrastructure, among others,” LandBank president and CEO Lynette V. Ortiz said.

The merger positions LLFC to better support the national government’s development agenda, with its strengthened capital base and improved operational capacity.

The state-run bank also assured the clients of LLFC and ULFC that the merger would be smooth and orderly — with customer servicing unhampered — and conducted with the welfare of all stakeholders in mind.