Bank of the Philippine Islands (BPI) has merged with Robinsons Bank Corporation (RBC). RBC Chairman Lance Gokongwei posted a photo of him and BPI Chairman Jaime Augusto Zobel de Ayala announcing their partnership after the approval of the BPI-Robinsons Bank merger. Gokongwei is shown wearing a BPI red sweater; and Zobel de Ayala, a Robinsons Bank green tie.
In a press release, BPI announced that its shareholders has approved the proposed merger between BPI and Robinsons Bank Corporation (RBC), with BPI as the surviving entity, subject to regulatory approvals during a special stockholders’ meeting held last January 17, 2023.
BPI President and CEO Jose Teodoro K. Limcaoco said during the special stockholders meeting that 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.
Following the special stockholders meeting, BPI and RBC will sign the Plan of Merger and the Articles of Merger to formalize the merger, subject to receipt of final regulatory approvals. The merger will be effective on the first day of the calendar quarter following the completion of the regulatory approvals which is expected to be on January 1, 2024. The parties are in the process of filing with the Philippine Competition Commission and will file shortly with the Bangko Sentral ng Pilipinas and the Securities and Exchange Commission.