BPI merges BanKo and Legazpi Savings Bank to form 6th largest thrift bank

Bank of the Philippine Islands (BPI) is merging its thrift bank subsidiaries, BPI Direct BanKo Inc. (BanKo) and Legazpi Savings Bank Inc., to form the sixth largest thrift bank in the Philippines.

BanKo will be the surviving entity of this merger, which is expected to create a stronger and more resilient capital structure for the combined institution.

The merged bank will possess approximately P72 billion in assets, surpassing Sterling Bank of Asia to become the sixth largest thrift bank.

As of June 2025, BanKo had assets of P56.74 billion, while Legazpi Savings had assets of about P15.11 billion.

This consolidation is anticipated to enhance long-term sustainability, capital adequacy, and operational flexibility for the merged entity.

This move follows BPI's previous merger in 2022 with its largest thrift bank arm, BPI Family Savings Bank.