BPI-Robinsons Bank merger eyed by January 2024

MANILA, Philippines — The Bank of the Philippine Islands is just waiting for regulators to sign off on its merger with the Gokongwei-led commercial bank, with expectations that this will be completed by the first day of January 2024.

That was the assessment of BPI president Jose Teodoro Limcaoco on Tuesday’s media briefing. The merger of the oldest Philippine bank and Robinsons Bank Corp. was announced in October 2022, with the former expected to remain as the surviving bank and RBC shareholders owning 6% of the outstanding capital stock of the Ayala-led bank as a result.

“We hope it will come soon, the agreement with Gokongwei Group is that the merger takes place on the first business day of that quarter following when we get the approval. We hope the approvals come, latest in the fourth quarter,” he said.

Earlier reports showed that the merger will see BPI taking over RBC’s 20% stake in GoTyme Bank, one of the firms that secured the digital banking licenses awarded by the BSP.

Details remain scant surrounding the merger, as the BPI president said they were still assessing which bank branches will stay open as a result, noting that they were taking “a fresh look with fresh eyes.”

Even then, Limcaoco assured that all of the employees of the Gokongwei-led bank would be absorbed into BPI.

“...People I’ve met there are excellent, and they will be a great complement to the BPI team,” he added.

Shares in BPI ended trading flat at P114.5 apiece on Tuesday. — Ramon Royandoyan