Ayala-led Bank of the Philippine Islands (BPI) and Gokongwei-led Robinsons Bank Corp. (RBC)  confirmed on Friday their agreement to merger  and said they were hoping to complete the process before the end of 2023.

In a disclosure on Friday, the respective boards of directors of BPI, RBC, Robinsons Retail Holdings Inc. (RRHI) and JG Summit Capital Services Corp. (JG Capital) greenlighted the BPI-RBC merger, with BPI as the surviving entity.

“We believe that merging Robinsons Bank with BPI, which is one of the strongest and most profitable banks in the country, is the best path forward. This will give our customers access to a fuller range of banking products and services as the combined organization will leverage on ecosystems of both the Gokongwei and Ayala Groups,” Gokongwei said.

The unlisted Gokongwei-led bank has total assets amounting to P175.9 billion and loans and receivables of P102.4 billion. The bank’s total liabilities stood at P156 billion, while deposits reached P139 billion.

RBC has 189 branches and 354 ATMs.

Meanwhile, the much larger BPI has total assets of P2.5 trillion. BPI’s deposits stood at P2 trillion, while total loans reached P1.6 trillion.

“We are excited about this transaction and believe that this merger exemplifies BPI’s strategic effort to expand its client base, accelerate growth, and ultimately increase shareholder value through partnerships with the Gokongwei Group,” said BPI CEO TG Limcaoco.

The transaction is subject to shareholders and regulatory approvals from the Philippine Competition C, ommission, the Bangko Sentral ng Pilipinas, Philippine Deposit Insurance Corp. and the Securities and Exchange Commission.

RBC shareholders RRHI and JG Capital will hold about 6 percent of BPI’s capital stock upon the effectivity of the merger.

In relation to this, BPI also disclosed its plan to increase its authorized capital stock by P4 billion to P54.6 billion, which will be divided into 5.4 million common stocks and 60 million preferred stocks.

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