Duterte admin to sell stake in the UCPB 'soon'

The government is pushing through with the sale of its holdings in United Coconut Planters Bank (UCPB), the 12th largest lender in the country said on Monday.

"As announced by DOF (Department of Finance) Secretary Carlos G. Dominguez III, the government will soon resume the privatization via a recapitalization program and sale of the government's majority stake in UCPB," it said in an emailed statement.

Dominguez last week said the Supreme Court (SC) lifted the temporary restraining order which kept the sale from pushing through.

"UCPB welcomes the lifting of the Supreme Court's temporary restraining order on former President Benigno S. Aquino III's Executive Orders Nos. 179 & 180," it said.

"This will definitely redound to the benefit of UCPB and its clients as this will strengthen the bank's capital and generate more resources to improve its competitive position in the market," the bank said.

The privatization plan covers the government's 73.9-percent stake in the bank equivalent to 1.106 billion shares and valued at P1.1 billion.

It includes a recapitalization of at least P15 billion via subscription of up to 37.2 billion of primary common shares.

"We will be coordinating closely with the DOF for their next steps, and will provide updates to all our stakeholders as we do so," UCPB said.

As of March 31, 2017, UCPB was the 12th largest bank in the Philippines in terms of assets at P281.542 billion. — Jon Viktor Cabuenas/VDS, GMA News