UCPB extends corporate life for another 50 years

CEBU, Philippines - The United Coconut Planters Bank (UCPB) board, vowed to extend the life of the bank by another 50 years to allow it to pursue its pioneering efforts in the banking industry and its key role in countryside development.

During a special meeting held yesterday, the bank’s board members announced that the extension of the bank's corporate life allows the bank to continue its profitability as it set its sights on its performance for 2012 primarily by creating more technology-driven products and expanding its loan portfolio, remittance business, fee income and branch network.

"With the extension of the bank’s corporate existence now a certainty, it can sustain its growth momentum towards becoming a bigger and stronger financial institution," UCPB president and CEO Jeronimo Kilayko said.

“I also wish express my immense gratitude to the bank’s private and government shareholders for having taking a united stand in voting for the extension of the bank’s corporate life and, in essence, manifest their earnest desire for the coconut industry’s common good long term benefits from UCPB’s commitment to continue helping develop this precious industry”, Kilayko added .

The bank's extended life also assured that it will be able to benefit the government in the repayment of bank's obligations while it is assured of continuing one of its primary mandates to improve the lives of Filipinos in the countryside who most need financial services and assistance. —(FREEMAN)