BSP approves BPI's P902M sale of GoTyme Bank stake

The Bangko Sentral ng Pilipinas (BSP) has approved Bank of the Philippine Islands' (BPI) sale of its 15 percent stake in GoTyme Bank for P902.47 million.

BPI will sell over 752 million common shares to GoTyme Financial Pte Ltd. and Giga Investments Holdings Inc.

These shares were acquired by BPI from its merger with Robinsons Bank Corp., which was finalized earlier this year.

The sale is intended to address any potential conflict of interest arising from similar product offerings between GoTyme Bank and BPI.

Following the sale, BPI will have no shareholdings in GoTyme Bank.

GoTyme Bank, a joint venture of Tyme Group, JG Summit Group, and Robinsons Retail Holdings Inc., currently has 3.7 million customers and is expected to reach 5 million by year-end.

It recently launched ATM services in the Philippines, the first digital bank to do so, in partnership with American payment services company Euronext Technology Services Inc.