The Ayalas and Gokongweis are looking to complete the merger of Bank of the Philippines Islands (BPI) and Robinsons Bank (RB) before the end of 2023.
The BPI board has approved the issuance of no more than 318.912 million shares or six percent of the bank to JG Summit Capital and Robinsons Retail Holdings Inc. (RRHI).
JG Summit owns 60 percent of RB while RRHI holds the remaining 40 percent stake.
“As of this date, the exact number of BPI common shares to be issued to JG Capital has not yet been firmed up and will be subject to final determination on or before closing date,” said BPI.
“The timetable for implementation of the merger cannot be fixed as the same is subject to corporate and regulatory approvals. BPI and RBC hope to complete the transaction before the end of 2023,” it added.
The merger was announced three months ago.
RB has more than 150 branches and three subsidiaries include Legazpi Savings Bank (100 percent), GoTyme Baking (20 percent) ad Unicorn Insurance Brokers (40 percent).
Aside from RB’s customer base, Fitch Ratings expect BPI to benefit from the strengthened ties with the Gokongwei group, one of the largest conglomerates in the Philippines, through improved access to new clients from the group’s vast business operations across the country.