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  • Writer's pictureBy The Financial District

BPI, Robinsons Bank Revise Merger Plan

Bank of the Philippine Islands (BPI) and Robinsons Bank Corp. have executed a new plan and articles of merger to consider the comments of the Bangko Sentral ng Pilipinas (BSP).


As of the end of March this year, BPI's capital base stood at P2.66 trillion, while Robinsons Bank's amounted to P172.95 billion. I Photo: Robinsons Bank



Both banks re-executed the plan and articles of merger, replacing the word "substantially" with "approved by at least a majority" under the special provisions of the plan of merger in accordance with the central bank's comments.


The word "substantially" was also removed from Article I of the Articles of Merger. Additionally, the principal business address of BPI, the date of execution of the plan of merger, and the articles of merger were updated.



BPI President and CEO Jose Teodoro “TG” Limcaoco and Robinsons Bank President and CEO Elfren Antonio Sarte signed the revised plan for the merger on September 5.


The parties are still awaiting approval from the BSP, as well as the Securities and Exchange Commission (SEC) for the merger, with BPI as the surviving bank.


All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

BPI, in a disclosure to the Philippine Stock Exchange (PSE), stated that the Philippine Competition Commission (PCC) has already cleared the proposed merger, but the listed bank has yet to receive a copy of the signed decision.


The 172-year-old bank had previously targeted October as the earliest completion date for the merger or the start of January next year.


Banking & finance: Business man in suit and tie working on his laptop and holding his mobile phone in the office located in the financial district.

“The timetable for implementation of the merger cannot be determined at this time as it is subject to regulatory approvals,” the Ayala-led bank stated.


As of the end of March this year, BPI's capital base stood at P2.66 trillion, while Robinsons Bank's amounted to P172.95 billion. In terms of capitalization, BPI had P329.84 billion, while Robinsons Bank had P20.05 billion.




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