Manila, Philippines – The merger between the Bank of the Philippine Islands (BPI) and Robinsons Bank has officially been approved by the Securities and Exchange Commission (SEC) of the Philippines, and officially took effect on 1 January. Through this merger, BPI will be the existing entity.
It is worth noting that the country’s Philippine Competition Commission (PCC) first approved the merger in September 2023. Then the country’s central bank (Bangko Sentral ng Pilipinas) approved the merger on December 2023.
“The proposed merger will 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,” the parties stated in their stock filing for the merger.
It is also worth noting that BPI will now have indirect control with Legazpi Savings Bank, accounting for a 99.93% stake control. BPI is also an indirect owner of GoTyme Bank (18%) and Unicon Insurance Brokers Corp. (17.13%).
BPI has also stated that it will be able to expand its client base, accelerate growth, and ultimately increase shareholder value through partnerships with the Gokongwei Group.
The announcement adds to a series of proposed and completed bank mergers in the country, including the acquisition of Citi’s local consumer banking business by UnionBank, as well as the proposed merger of the country’s two state banks–LandBank and Development Bank of the Philippines (DBP).
