#ROBINSONS BPI MERGER APPROVED

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. As per our most recent ranking of the biggest bank in the Philippines (by total assets), The BPI-Robinsons merger would place BPI at 3rd spot, displacing Metrobank. Before the merger, Robinsons Bank was listed (assets: Php176.9B, liabilities: Php158.6B) as the 17th biggest bank in the Philippines. Bank of the Philippine Islands (BPI) has partnered with Robinsons Retail Holdings, Inc. BPI has expanded its Partner Store Services with Robinsons Retail Holdings Inc. As a result of the merger, Bank of the Philippine Islands (BPI) eyes to complete rebranding of all Robinsons Bank (RBC) branches by October this year. Sarte explained that the process involves consolidating some branches, transferring others to BPI, or using Robinsons Bank branches to host BPI services. Read more in our articles including "BPI + Robinsons Bank Merger approved" and "BPI partners with Robinsons Retail for barcode cash deposits in stores".