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JG Summit Mulls UCPB Takeover to Grow Size of Banking Unit

16 Jun

JG Summit Holdings Inc. (JGS) has bought bid documents for a government auction of sequestered lender United Coconut Planters Bank.

Robinsons Bank is taking a look at the UCPB as the government would maintain the latter as a state depository facility until 2018 even as the government has set into motion the sale of its stake and the recapitalization of the bank.

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Robinsons Bank’s interest in UCPB comes at a time when the lender plans to significantly grow its asset and capital base to support growth and comply with the stringent requirements set by the Bangko Sentral ng Pilipinas .

JG Summit is planning to grow Robinsons Banks’ assets by fourfold in 2020 from the current PHP 50.0 billion.

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Posted by on June 16, 2015 in Corporate News, JGS, Stock Market

 

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