BPI set to merge with Robinsons Bank
Bank of the Philippine Islands (BPI) confirmed plans to merge with Robinsons Bank Corp. (RBC) on Friday.
 |
| BPI x Robinsons |
Ayalas, Gokongweis join forces
Reuters reported that BPI, the Philippines’ oldest lender, will be merging with a smaller commercial bank to expand its client base and fast-track growth.
 |
| The PR |
According to a report by Inquirer.net, BPI made the announcement through disclosure to the Philippine Stock Exchange.
The respective boards of directors of BPI, RBC, Robinsons Retail Holdings Inc. (RRHI), and JG Summit Capital Services Corp. (JG Capital) approved the merger, with BPI as the surviving entity.
The companies hope to complete the process before the end of 2023.
RBC shareholders will hold around 6 percent of BPI’s outstanding capital stock upon its effectivity.
We believe that merging Robinsons Bank with BPI, which is one of the most robust and most profitable banks in the country, is the best path forward. This will give our customers access to a fuller range of banking products and services as the combined organization will leverage ecosystems of both the Gokongwei and Ayala Groups, JG Summit president and chief executive officer (CEO) Lance Gokongwei said, according to a report by Rappler.
We are excited about this transaction and believe that this merger exemplifies BPI’s strategic effort to expand its client base, accelerate growth, and ultimately increase shareholder value through partnerships with the Gokongwei Group, BPI CEO TG Limcaoco said.
This transaction is subject to shareholders and regulator approvals from the Philippine Competition Commission, the Bangko Sentral ng Pilipinas, Philippine Deposit Insurance Corp., and the Securities and Exchange Commission.
What do you think about this?
Post a Comment