The Philippine Privatization Council has approved the proposed auction of the controlling stake held by the government in United Coconut Planters Bank (UCPB) by September, the Department of Finance (DOF) announced on Wednesday.
The sale of the 73.9 percent stake held by the government in UCPB involves the right to recapitalize the bank, which was among the assets sequestered by the state after the collapse of the Marcos regime in 1986.
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