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Philippines President Marcos aims to merge two state banks

Move would create country's biggest lender by assets amid global turmoil

Philippine President Ferdinand Marcos Jr. has agreed to merge the country's two state lenders amid turmoil overseas. (File photo by Reuters) 

MANILA -- Philippine President Ferdinand Marcos Jr. has agreed to merge the country's two main state lenders to create a stronger government bank amid turmoil overseas, Finance Secretary Benjamin Diokno said on Tuesday.

Combining the Land Bank of the Philippines and the Development Bank of the Philippines will create the country's largest lender by assets, eclipsing BDO Unibank, a unit of conglomerate SM Investments, he said.

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