BPI shareholders approve merger with Robinsons Bank

The Bank of the Philippine Islands (BPI) and Robinsons Bank Corporation have secured shareholder approval for their merger, set to take place by January 1, 2024.

BPI stockholders representing 79.63% of total outstanding shares voted in favor of the merger during a special meeting on Tuesday, January 17.

The merger is subject to regulatory approvals from the Philippine Competition Commission, Bangko Sentral ng Pilipinas, and Securities and Exchange Commission.

BPI’s president and CEO Jose Teodoro Limcaoco expects the merger to boost BPI's key balance sheet metrics by around 6.5% to 7%, improving its industry ranking in deposits from third to second.

The deal will also provide opportunities for collaboration across JG Summit Holdings’ ecosystem, including food manufacturing, air transportation, real estate, and retail sectors.