Bank of the Philippine Islands, the third-largest lender in the country, denied any ongoing merger discussion with other banks.
BPI chairman Jaime Augusto Zobel de Ayala said during the bank’s annual stockholders’ meeting in Makati City Thursday that consolidation was the trend now in the global and local banking industry.
“At this point in time, we want the bank to grow organically… But if an opportunity comes up, we can perhaps look at it and see if it is positive,” Zobel said.
Ayala, however, said “we showed over time that we are partner of choice,” BPI survived six mergers over the years.
“Consolidation has been taking place in banks globally and locally over the years. This opportunity comes in a specific point in time when stockholders of both sides see it as a good proposition,” Ayala said.