The Bangko Sentral ng Pilipinas (BSP) approved the planned merger between Bank of the Philippine Islands (BPI) of the Ayala Group and Robinsons Bank Corp. (RBC) of the Gokongwei family.
BPI said in a disclosure to the stock exchange Monday it received the BSP’s approval of the merger between the two banks, with BPI as the surviving bank subject to certain conditions.
“Upon the effectivity of the merger, BPI will be able to unlock various synergies across several products and service platforms, expand the customer and deposit base of both banks through the merged entity, and, at the same time, by capitalizing on BPI’s expertise and network, enhance the overall banking experience of RBC customers,” BPI said.
BPI said this would also expand its client base, accelerate growth and ultimately increase shareholder value through partnerships with the Gokongwei Group.
RBC’s products and services cater to corporate, commercial and retail clients through 189 branches and branch-lite units (including 14 branches and 14 branch-lite units of its subsidiary Legazpi Savings Bank), 354 ATMs and online and mobile banking channels.
Post-merger, RBC’s shareholders will hold about 6 percent of the resulting outstanding capital stock of BPI.
The merger will allow BPI to engage in digital banking through RBC’s 20-percent ownership in GoTyme, a joint venture between the Gokongwei Group and Singapore-based Tyme.
GoTyme Bank was one of the six entities granted an online banking license by the BSP.