By The Financial District
BPI Absorbs Robinsons Bank
The Board of Directors of Bank of PI in its meeting over the weekend approved the proposed merger between Robinsons Bank and BPI, with BPI as the surviving bank, subject to shareholders' and regulatory approvals.
Photo Insert: BPI will be the surviving bank.
JG Summit Capital Services Corp. (JGCAP) and Robinsons Retail Holdings, Inc. (RRHI) currently owns approximately 99.9984% of the outstanding capital stock of RBC.
In relation thereto, the Board approved: a. The execution of an Agreement for the Merger of Bank of the Philippine Islands and Robinsons Bank Corporation, among BPI, RBC and JG Summit Capital Services Corp., and Robinsons Retail Holdings, Inc. as the RBC Shareholders (the “Agreement”); b. The execution of the Plan of Merger and Articles of Merger by and between BPI and RBC, with BPI as the surviving bank; c. Designation of certain authorized signatories and representatives to give effect to the aforementioned resolutions; and d. Calling for a special stockholders’ meeting.
On the same day and after the Board approval, BPI executed the Agreement.
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