Conversion of PH Postal Savings Bank into Overseas Filipino Bank OKd | Global News

Conversion of PH Postal Savings Bank into Overseas Filipino Bank OKd

/ 04:40 PM October 09, 2017

MALACAÑANG PHOTO

President Rodrigo Duterte has approved the Land Bank of the Philippines’ acquisition of Philippine Postal Savings Bank, which will be converted into an overseas Filipino workers’ (OFW) bank.

Duterte signed Executive Order No. 44, creating the Overseas Filipino Bank (OFB).

ADVERTISEMENT

Under the EO, the Philippine Postal Corporation – which owns the Postbank – and the Bureau of Treasury were ordered to transfer their Postbank shares to Land Bank at zero value.

“The PPSB shall cause the expeditious transfer of all assets, liabilities, records, systems and other appurtenant items to LBP,” the EO read.

FEATURED STORIES

The Land Bank was also ordered to infuse its capital to the OFB.

The EO stated that the chairperson of Land Bank would serve as head of the 9-member board of directors of the OFB.

Postbank officers, who would be affected by the acquisition, shall be granted retirement incentives.

Duterte earlier promised to create a bank dedicated to the needs of OFWs.

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Global Nation, Overseas Filipino Bank, Philippine news updates, President Duterte
For feedback, complaints, or inquiries, contact us.

Subscribe to our global news

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.



© Copyright 1997-2022 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.