Commission Decision No. 02-M-001/2023
Proposed Merger of Bank of the Philippine Islands and Robinsons Bank Corporation
The proposed transaction is a merger between Bank of the Philippine Islands (“BPI”), a corporation with a universal banking license from the Bangko Sentral ng Pilipinas (“BSP”), and Robinsons Bank Corporation (“RBC”), a corporation with a commercial banking license from the BSP, with BPI as the surviving bank (the “Merger”). Both BPI and RBC are engaged in the banking business.
Upon the approval and effectivity of the proposed Merger, the shareholders of RBC, including JG Summit Capital Services Corporation and Robinsons Retail Holdings, Inc., will acquire, subject to adjustments, approximately 6% of the resulting outstanding common shares of BPI in exchange for all assets, rights, privileges, and powers, as well as all liabilities and obligations, of RBC.