The Bangko Sentral ng Pilipinas has given its go-ahead for Land Bank of the Philippines’ acquisition of Philippine Postal Bank to form the Overseas Filipino Bank.
Deputy Governor Chuchi G. Fonacier told reporters Friday that the Monetary Board, the BSP’s highest policymaking body, last Dec. 7 approved the state-run lender’s application to acquire Postbank.
Fonacier said additional documents were waiting for BSP approval to formally establish the Overseas Filipino Bank (OFB).
BSP Governor Nestor A. Espenilla said the target opening of OFB is in February next year.
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Philippine Competition Commission Chair Arsenio M. Balisacan said they recently received Landbank’s notification documents for the acquisition of Postbank, and would review them within 30 days.
Balisacan said PCC’s approval could be granted early next year.
