#bpi rbc merger

JG Summit Capital, a wholly-owned subsidiary of JG Summit Holdings, Inc., has announced that it has approved the merger of the Bank of the Philippine Islands (BPI) and Robinsons Bank Corporation (RBC), with the former emerging as the surviving entity. The company said that it will unlock various synergies across several products and service platforms, expand the customer and deposit base of both banks through the merged entity, as well as capitalize on BPI’s expertise and network to enhance the overall banking experience of RBC customers. Upon the effectivity of the Merger after receipt of all necessary corporate and regulatory approvals, the RBC Shareholders will collectively hold approximately 6% of the resulting outstanding capital stock of BPI. The Merger will also open more opportunities for our talented employees given that BPI will continue to grow, evolve and adapt to the rapidly changing market environment,” said JG Summit President and CEO, Lance Y. The Bank of the Philippine Islands (BPI) shareholders have approved the proposed merger between BPI and Robinsons Bank Corporation (RBC), with BPI as the surviving entity, subject to regulatory approvals. The details of the approved merger are outlined in BPI's press release found below: It can be recalled that last week, RBH announced that it was acquiring an additional 4.4% shares of stocks of BPI, increasing their total controlling shares to 10.4% of BPI. Read more in our articles including "BPI, Robinsons Bank Corporation to merge" and "BPI + Robinsons Bank Merger approved".