Bank of the Philippine Islands, the fourth-largest bank in terms of assets, said it completed the acquisition of BPI Globe BanKO Inc., the first mobile phone-based savings bank in the country, from Ayala Corp. and Globe Telecom Inc.
BPI said in a disclosure to the stock exchange the transaction was completed Wednesday, or more than a year after the plan was announced on Aug. 27, 2015.
“All the conditions involving the said transaction have been completed and/or provided for by the parties,” BPI said.
BPI Globe BanKO was a joint venture between Ayala Corp., Globe Telecom Inc. and BPI. The three companies an agreement last year to turn over full ownership of BPI Globe BanKO to BPI.
BPI said the agreement would result in BPI Globe BanKO becoming a wholly-owned unit.
BPI said it would increase its stake in Globe BanKO by buying the shares of Globe and Ayala Corp. representing 40 percent and 20 percent. BPI previously owned 40 percent.