One BPI takes effect

MANILA, Philippines — The Bank of the Philippine Islands (BPI) has announced its merger with BPI Family Savings Bank (BFSB), its wholly owned thrift bank subsidiary, officially took effect, with BPI as the surviving entity, as approved by its shareholders and regulators.

The merger will enable BPI to seize and optimize opportunities to enhance the overall banking experience of its customers. As One BPI, customers will have access to the full suite of the BPI Group’s products and services, via its digital and physical channels.

“We initiated and pushed for this merger with the best interests of our customers and employees in mind,” said BPI president and CEO TG Limcaoco. “One BPI is about changing the way we think and act as one of the country’s trusted financial partners.  More importantly, One BPI is about changing the way we serve our customers relevant to the times.”

“One BPI is about banking for the future, to enable us to lead the economic turnaround, towards a better and sustainable Philippines,” Limcaoco added.

Post-merger activities will start in the first quarter of 2022, and are targeted for completion by the end of 2022.

The 170-year-old BPI is the first bank in the Philippines and Southeast Asia. It is licensed as a universal bank by the Bangko Sentral ng Pilipinas to provide a diverse range of financial services: deposit taking and cash management, payments, lending and leasing, asset management, bancassurance, investment banking, securities brokerage, and foreign exchange and capital markets. BPI has significant financial strength, with robust Tier 1 capital adequacy ratios and profitability, underpinned by a stringent compliance and risk management regimes.