BPI, Robinsons bank confirm merger

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Metro Manila (CNN Philippines, September 30) -- The Bank of the Philippine Islands (BPI) and Robinsons Bank Corp. (RBC) on Friday confirmed their merger agreement, and said they hope to complete the process before the end of 2023.

In a statement, the respective boards of directors of BPI, RBC, Robinsons Retail Holdings Inc. (RRHI), and JG Summit Capital Services Corp. (JG Capital) approved the merger, with BPI as the surviving entity.

The deal is subject to shareholders and regulatory approvals from the Philippine Competition Commission, the Bangko Sentral ng Pilipinas, Philippine Deposit Insurance Corp., and the Securities and Exchange Commission.

About 6% of BPI's capital stock will be held by RBC shareholders RRHI and JG Capital once the merger is completed.

BPI also said it plans to increase its authorized capital stock by ₱4 billion to ₱54.6 billion, which will be divided into 5.4 million common stocks and 60 million preferred stocks.

"We are excited about this transaction and believe that this merger exemplifies BPI's strategic effort to expand its client base, accelerate growth, and ultimately increase shareholder value through partnerships with the Gokongwei Group," said BPI CEO Jose Teodoro "TG" Limcaoco.

RBC has ₱102.4 billion in loans and receivables and ₱175.9 billion in total assets. Total liabilities for the bank were ₱156 billion, while deposits totaled ₱139 billion.

RBC also has 354 ATMs and 189 locations.

Meanwhile, the entire assets of BPI are valued at ₱2.5 trillion. Deposits at BPI stood at ₱2 trillion, and the total amount of loans was ₱1.6 trillion.