The Philippine Competition Competition (PCC) has approved Land Bank of the Philippines’s planned takeover of Philippine Postal Savings Bank, paving the way for the creation of Overseas Filipino Bank.

“In view of the recommendation from the Mergers & Acquisitions Office that, on the basis of information obtained from the parties and other sources to date, the acquisition … does not result in a substantial lessening of competition in the relevant markets…,” the anti-trust regulator said in a decision posted on its website.

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