BSP approves BPI's sale of GoTyme shares

BPI's sale of its stake in digital bank GoTyme has been approved by the Bangko Sentral ng Pilipinas (BSP), with BPI set to sell 752.06 million shares for P1.20 each, totaling P902.47 million.

The transaction involves selling these shares to two entities: GoTyme Financial Pte Ltd and Giga Investments Holdings Inc., addressing potential conflicts of interest arising from overlapping product offerings between GoTyme Bank and BPI.

BPI acquired its stake in GoTyme when it merged with Robinsons Bank Corp. earlier this year, a deal worth P32 billion.

GoTyme, launched in 2022, has seen significant growth with 3.7 million customers and aims to reach 5 million by the end of the year, reporting a 600 percent year-on-year increase in monthly transactions.

BPI also reported record earnings for the first half of 2024, with net income climbing by 21.51 percent to P30.56 billion.