Bank of the Philippine Islands (BPI) of the Ayalas and the Gokongweis’ Robinsons Bank Corp. (RBC) confirmed last Friday their merger agreement.
The BPI-Robinsons Bank merger was green-lit by their respective boards, as well as the Robinsons Retail Holdings Inc. and JG Summit Capital Services Corp.
Being the bigger brand, BPI will be the surviving entity. Meanwhile, RBC owners will own about 6% of BPI’s capital stock.
BPI then disclosed that it’s also planning on increasing its authorized capital stock by Php4 billion to Php54.6 billion. It will then be divided into 5.4 million common and 60 million preferred stocks.
This transaction is still subject to the approval of shareholders and regulatory bodies such as the Bangko Sentral ng Pilipinas (BSP), the Philippine Competition Commission, the Securities and Exchange Commission (SEC), and the Philippine Deposit Insurance Corp. (PDIC).
Both BPI and Robinsons Bank hope to complete the merger before 2023 ends.