United Coconut Planters Bank

History

UCPB started on May 15, 1963, as First United Bank (Philippines). With only four branches at the time, it was a small commercial bank.

UCPB's origin can be found in Presidential Decree No. 755 (or P.D. No. 755) by President Ferdinand Marcos on July 29, 1975, instructed the Philippine Coconut Authority (PCA) to "formulate and recommend for adoption credit policies affecting production, marketing and processing of coconut and other palm oils" and "to provide readily available credit facilities to the coconut farmers at preferential rates." The PCA, headed by Juan Ponce Enrile, then purchased the 72.2% of First United Bank owned by Jose Cojuangco.

Cocobank was the official short bank name in the 1980s and the early 1990s.

In 1990, UCPB, along with Equitable Banking Corporation (now Banco de Oro Universal Bank), Philippine National Bank and the Far East Bank and Trust Company (now the Bank of the Philippine Islands), formed MegaLink, one of the three main interbank networks in the Philippines. However, UCPB's ATM services date back to the 1980s, when it was one of the first financial institutions to offer ATM services. It established its pre-need services arm, Cocoplans, in 1993.

The bank was also heavily involved in social development projects and other charity works. It had a total at its peak, 188 branches and 279 ATMs nationwide. It is also the only universal bank to have a rural banking subsidiary, although this has since been merged into its thrift banking operations since late 2005. In 2009, UCPB rebranded and updated its logo for the first time in 29 years. The rebranding efforts were led by Tangible Brand Consultants. On November, the last quarter of 2015, UCPB became a member of BancNet.

In 2018, the bank started its conversion to a government bank, joining the league of LandBank, Development Bank of the Philippines and Overseas Filipino Bank. Later in 2020, the Philippine government dropped the privatization plans of the bank by further raising its stake of ownership from 75% to 97%, thus resulting furthermore for UCPB in becoming a state-owned and controlled bank.

Merger with LandBank

On June 25, 2021, President Rodrigo Duterte signed an Executive Order No. 142 to merge Land Bank of the Philippines with the UCPB, with the former as the surviving entity.

Subsidiaries and affiliates

Subsidiaries of UCPB were the following:

• UCPB Leasing and Finance Corporation
• UCPB Savings Bank
• UCPB Securities, Inc.

Competition

Due to its position as a universal bank, UCPB competed primarily against major Philippine banks like Metrobank, Banco de Oro, EastWest Bank, BPI, Land Bank of the Philippines and PNB.

As a state-controlled bank, it joined the league in competition even if for a short while with other government banks - Development Bank of the Philippines, Land Bank of the Philippines and Overseas Filipino Bank.

References

References

1. [https://manilastandard.net/mobile/article/328292 Gov’t bolsters stake in UCPB to 97% by converting P12B notes]. Retrieved August 16, 2020.
2. "UCPB Board of Directors".
3. (2015). "Annual report 2015". UCPB.
4. "THE STRENGTH AND STABILITY You can rely on".
5. (2024-10-06). "Landbank seeks buyers for UCPB Savings Bank".
6. (October 6, 2024). "LandBank selling 97.6% stake in UCPB Savings Bank under privatization plan - Manila Standard".
7. (March 20, 2025). "UCPB Savings up for grabs; Landbank to raise P2.4B".
8. (May 14, 2011). "How 'coconut levy funds bought SMC shares' {{!}} Inquirer News".
9. (July 29, 1975). "Approving the Credit Policy for the Coconut Industry as Recommended by the Philippine Coconut Authority and Providing Funds Therefor".
10. Panesa, Edmer F.. "Cojuangco loses claim to UCPB block". Manila Bulletin.
11. Roman. "New UCPB Logo: From Coconut Planting to Kung-Fu Fighting".
12. (2013-11-21). "[WATCH] LBC Express silently rebrands".
13. [https://mb.com.ph/2020/07/11/government-expands-ucpb-stake-to-majority/ Government expands UCPB stake to majority]. Retrieved August 16, 2020.
14. (June 29, 2021). "Duterte approves merger of Landbank, UCPB".
15. (June 29, 2021). "Duterte approves merger of Landbank and UCPB".
16. (June 25, 2021). "Approving the Merger of the Land Bank of the Philippines (LBP) and the United Coconut Planters Bank (UCPB), and the Acquisition by the LBP of the Special Preferred Shares of the Philippine Deposit Insurance Corporation (PDIC) in the UCPB".