United Coconut Planters Bank
A former Philippine universal bank that grew from a coconut-sector institution into a nationwide financial group before merging into Land Bank of the Philippines in 2022.
Last updated August 31, 2026
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Overview
United Coconut Planters Bank, commonly known as UCPB and formerly marketed as Cocobank, was a Philippine universal bank with a distinctive origin in the coconut industry and a complex relationship with the Philippine state. It began as First United Bank in 1963, founded by José Cojuangco after he had left the presidency of the Philippine Bank of Commerce. Initially a small commercial bank with four branches, it expanded significantly after the Philippine Coconut Authority acquired a controlling interest in 1975 in a transaction associated with the coconut levy system. Following the acquisition, the institution was renamed United Coconut Planters Bank. Eduardo “Danding” Cojuangco became president, while Juan Ponce Enrile became chairman of the board. The bank’s stated policy role was to provide credit and financial services to coconut farmers and support the production, marketing and processing of coconut and palm-oil products. In practice, UCPB developed a much broader customer base, serving households, businesses, corporations, government-related entities and agricultural clients throughout the Philippines. The bank’s ownership and financing during this period became inseparable from the controversy surrounding the Coco Levy Fund. Funds collected from the coconut sector under the Marcos administration were used in transactions connected with the acquisition of UCPB and other assets. The use and ownership of the levy funds became the subject of prolonged litigation, government investigations and asset-recovery efforts. This history remained one of the defining features of UCPB’s public identity even as the bank developed into a large commercial and universal bank. UCPB received a universal banking license in February 1981, becoming the first private commercial bank in the Philippines to receive one. It expanded its branch and automated-teller-machine network, created financial subsidiaries and participated in the country’s developing electronic-payment infrastructure. In 1990 it joined Equitable Banking Corporation, Philippine National Bank and Far East Bank and Trust Company in establishing MegaLink, one of the Philippines’ principal interbank ATM networks. UCPB later became a member of BancNet in 2015. The group’s activities extended beyond conventional deposits and loans. Its subsidiaries and affiliates included UCPB Savings Bank, UCPB Leasing and Finance Corporation, UCPB Securities and the pre-need business Cocoplans. At its peak, the bank operated approximately 188 branches and 279 ATMs nationwide. It also promoted social-development and charitable initiatives, reflecting its historical association with agricultural communities and public-sector objectives. UCPB refreshed its visual identity in 2009, its first major logo update in nearly three decades. From 2018 onward, the institution increasingly shifted toward government ownership. The Philippine government raised its stake to approximately 97 percent in July 2020, effectively making UCPB a government-controlled bank and ending plans to privatize the institution at that stage. President Rodrigo Duterte subsequently issued Executive Order No. 142 on June 25, 2021, directing its merger with Land Bank of the Philippines. The merger became effective on March 1, 2022, with LandBank as the surviving institution. The former UCPB banking operations therefore no longer exist as an independent universal bank. UCPB Savings Bank continued as a wholly owned thrift-bank affiliate of LandBank after the merger and was reported as being offered for sale from October 2024. UCPB’s legacy survives through transferred banking relationships, subsidiary operations and the continuing legal and historical significance of the coconut levy controversy.
History
UCPB was founded on May 15, 1963 as First United Bank by José Cojuangco. Cojuangco became president, while his son Pedro served as senior vice president and treasurer. The new institution was modest in scale, operating only four branches and functioning as a small commercial bank. A major transformation occurred in 1975. The Philippine Coconut Authority acquired 72.2 percent of First United Bank’s shares, reportedly on behalf of coconut farmers, following Presidential Decree No. 755. The decree assigned the authority responsibilities concerning credit policies and the provision of preferential financing to coconut farmers. Eduardo Cojuangco Jr., who helped negotiate the transaction, became president of the renamed United Coconut Planters Bank, while Juan Ponce Enrile became chairman. The acquisition was later connected to the Coco Levy Fund controversy. Coconut levies collected under the Marcos-era system were used in ways that generated extensive disputes over ownership, public purpose and control of assets. UCPB became one of the principal institutions associated with those disputes. The controversy continued through litigation and government asset-recovery proceedings and shaped perceptions of the bank long after its commercial expansion. During the 1980s and early 1990s the institution was also known publicly as Cocobank. In February 1981 it received a universal banking license, allowing it to broaden its activities beyond conventional commercial banking. UCPB was an early participant in Philippine ATM banking and in 1990 helped establish MegaLink with several other major banks. It later expanded through subsidiaries and affiliates, including UCPB Savings Bank, UCPB Leasing and Finance Corporation, UCPB Securities and Cocoplans. The bank built a nationwide presence serving agricultural clients, coconut farmers, consumers, businesses and institutional customers. At its peak it reportedly had 188 branches and 279 ATMs. It was unusual among Philippine universal banks for having a rural-banking subsidiary, although that operation was later folded into its thrift-banking activities. UCPB also maintained social-development and charitable programs and refreshed its brand identity in 2009. UCPB joined BancNet during the final quarter of 2015. Beginning in 2018, its ownership increasingly shifted toward the Philippine government. The government raised its stake to about 97 percent in July 2020, making UCPB a state-controlled bank. In June 2021, Executive Order No. 142 directed its merger with LandBank. The transaction took effect on March 1, 2022, with LandBank surviving and UCPB losing its independent identity as a universal bank. UCPB Savings Bank remained as a wholly owned thrift-bank affiliate and was later reported to be offered for sale.
- 2022
UCPB merges into LandBank
[1]The merger became effective on March 1, 2022, with LandBank as the surviving institution.
- 2021
Merger with LandBank is ordered
[1]Executive Order No. 142 directed the merger of UCPB with Land Bank of the Philippines.
- 2020
Government ownership reaches approximately 97 percent
[1]The Philippine government increased its ownership, making UCPB a state-controlled bank.
- 2015
UCPB joins BancNet
[1]The bank became a BancNet member during the final quarter of 2015.
- 2009
Brand identity is refreshed
[1]UCPB introduced a new logo and updated its visual identity for the first time in 29 years.
- 1993
Cocoplans is established
[1]UCPB created Cocoplans as its pre-need services arm.
- 1990
MegaLink is founded
[1]UCPB joined three other major banks in forming MegaLink, a Philippine interbank ATM network.
- 1981
Universal banking license granted
[1]UCPB became the first private commercial bank in the Philippines to receive a universal banking license.
- 1975
Philippine Coconut Authority acquires a controlling stake
[1]The Philippine Coconut Authority acquired 72.2 percent of First United Bank, which was subsequently renamed United Coconut Planters Bank.
- 1963
First United Bank is established
[1]José Cojuangco founded First United Bank on May 15, 1963.
Products and positioning
A nationwide Philippine universal bank historically positioned around coconut-sector finance, agricultural development and broad commercial banking, later operating as a government-controlled financial institution.
Banking · 1981
Universal banking services
UCPB provided deposit accounts, payment services, consumer banking, business banking, corporate finance, treasury products and lending. Its universal-bank license allowed it to serve a broad customer base rather than remain limited to coconut-sector credit.
Agricultural banking · 1975
Agricultural and coconut-sector financing
Agricultural credit was central to UCPB’s historical mission. The bank was created and expanded in an environment where public policy emphasized financing for coconut farmers and related production, marketing and processing activities.
Pre-need services · 1993
Cocoplans
Cocoplans was UCPB’s pre-need services arm, established in 1993. It extended the group beyond deposit-taking and lending into longer-term personal financial planning products.
Thrift banking
UCPB Savings Bank
UCPB Savings Bank was the group’s thrift-bank affiliate. It continued as a wholly owned subsidiary of LandBank after the parent bank’s merger and was reported to be offered for sale from October 2024.
Leasing and finance
UCPB Leasing and Finance Corporation
This subsidiary extended the group’s services into leasing and specialized finance for customers requiring asset financing beyond ordinary bank loans.
Securities services
UCPB Securities, Inc.
UCPB Securities formed part of the group’s capital-markets and securities-services activities, complementing its commercial and universal-banking operations.
Controversies
1975
Coco Levy Fund controversy
UCPB’s 1975 acquisition by the Philippine Coconut Authority became closely associated with the Coco Levy Fund controversy. The use of coconut-sector levy collections in transactions involving the bank and related assets led to prolonged disputes, investigations and litigation over the funds’ ownership and public purpose.
Marketing campaigns
- 2009UCPB brand refresh
Philippines
UCPB updated its logo and visual identity after nearly three decades, seeking to modernize the presentation of its nationwide banking brand.
Outcome. The bank continued operating under the refreshed identity until its merger into LandBank.
Brand decisions
2021
Merge UCPB with LandBankM&ABackground
UCPB had become predominantly government-owned and was being aligned with the Philippine public-banking system.
Action taken
Executive Order No. 142 directed the merger of UCPB and LandBank, naming LandBank as the surviving institution.
Aftermath
The merger took effect on March 1, 2022, ending UCPB’s existence as an independent universal bank.
2020
Government consolidates controlStrategyBackground
The Philippine government had been increasing its involvement in UCPB since 2018.
Action taken
The government raised its stake to approximately 97 percent and treated UCPB as a government-controlled bank.
Aftermath
The ownership change paved the way for a government-directed combination with LandBank.
1981
Expand into universal bankingStrategyBackground
UCPB had developed from a small commercial bank into an institution with a broader public and agricultural mandate.
Action taken
The bank obtained a universal banking license, enabling it to provide a wider range of financial services.
Aftermath
UCPB expanded its commercial, consumer, treasury and subsidiary activities and became one of the Philippines’ larger banks.
Recent events
- 2024
UCPB Savings Bank reported available for sale[1]
M&A
The former UCPB thrift-bank affiliate remained a wholly owned LandBank subsidiary and was reported to be offered for sale from October 2024.
- 2022
UCPB merger with LandBank becomes effective[1]
M&A
UCPB ceased operating as an independent universal bank when its merger with LandBank took effect on March 1, 2022.
- 2021
Executive order directs LandBank–UCPB merger[1]
M&A · Regulation
President Rodrigo Duterte signed Executive Order No. 142 directing the merger of Land Bank of the Philippines and UCPB, with LandBank as the surviving entity.
- 2020
Philippine government increases ownership of UCPB to approximately 97 percent[1]
M&A
The Philippine government increased its stake in UCPB, transforming the bank into a government-controlled institution and ending the immediate privatization plan.
Sources1 sources
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