BPI merges with Robinsons Bank, expands reach
On January 1, 2024, the merger between Ayala-led Bank of the Philippine Islands (BPI) and Robinsons Bank became effective with BPI as the surviving entity.
The merger received regulatory approvals from various bodies including the Philippine Competition Commission in September, the Bangko Sentral ng Pilipinas' Monetary Board on December 14, 2023, and the Securities and Exchange Commission on December 29, 2023.
BPI President Jose Teodoro Limcaoco noted that the merger would unlock synergies across products and services, expand customer and deposit bases, and increase shareholder value by providing collaboration opportunities within the Gokongwei Group's ecosystem.
The integration will enhance BPI's access to the Filipino-Chinese market segment, a significant advantage for its competitors.
With this merger, BPI aims to strengthen its position in the banking sector through expanded network access and business synergies.
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