The Bank of the Philippine Islands announced Friday that effective Jan. 1, 2022, the merger with BPI Family Savings Bank, its wholly-owned thrift bank subsidiary, officially took effect, with BPI as the surviving entity, as approved by shareholders and regulators.
The merger will enable BPI to seize and optimize opportunities to enhance the overall banking experience of customers. As one BPI, customers will have access to the full suite of the BPI group’s products and services, via its digital and physical channels.
“We initiated and pushed for this merger with the best interests of our customers and employees in mind,” said BPI president and chief executive TG Limcaoco.
“One BPI is about changing the way we think and act as one of the country’s trusted financial partners. More importantly, One BPI is about changing the way we serve our customers relevant to the times. One BPI is about banking for the future, to enable us to lead the economic turnaround, towards a better and sustainable Philippines,” Limcaoco said.
Post-merger activities will start in the first quarter of 2022 and are targeted for completion by the end of 2022.