The proposed merger between the Bank of the Bank of the Philippine Islands (BPI) and Gokongwei-led Robinsons Bank Corporation has secured the go signal from the Ayala-led bank’s shareholders.
The proposed merger between the Bank of the Bank of the Philippine Islands and Gokongwei-led Robinsons Bank Corporation has secured the go signal from the Ayala-led bank’s shareholders.
“The proposed merger with Robinsons Bank Corporation will unlock various synergies across several products and service platforms and expand the customer and deposit base of both banks,” said BPI president and CEO Jose Teodoro Limcaoco. The BPI chief added that the merger will also expand BPI’s access to the Gokongwei network, especially to the Filipino-Chinese market segment, “which has been the significant advantage of our closest competitors.”
On effective date of the merger, BPI will issue primary common shares to the Robinsons Bank stockholders that will result in the Gokongwei-led bank’s shareholders owning approximately 6% of the resulting outstanding common shares of BPI.
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