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 approval was made in a special stockholders’ meeting held today, January 17, 2023.
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.
On the other hand, BPI was ranked 4th on the same list with total assets of Php2,102B (liabilities: Php1,810B).
