Bank of the Philippine Islands (BPI) said Thursday its board approved the sale of its entire stake in GoTyme Bank Corp., a digital lender, for P902.47 million.
BPI said it would sell its 752,056,290 common shares in GoTyme, or equivalent to 15-percent stake, to GoTyme Financial Pte. Ltd. and Giga Investment Holdings Pte. Ltd. at P1.20 apiece.
The sale is still subject to Bangko Sentral ng Pilipinas’ approval, the bank said in a disclosure to the stock exchange.
“The sale is intended to address any potential conflict of interest created by the significant overlap in and similarity of product offerings of GoTyme Bank and BPI,” the bank said.
BPI acquired Go Tyme shares following its merger with Robinsons Bank Corp. (RBank) early this year.
GoTyme Bank is a joint venture of Tyme Investments Pte. Ltd. with members of the JG Summit Group and Robinsons Retail Holdings Inc. and is one of the six banks with a digital banking license from the Banko Sentral ng Pilipinas.
Launched in 2022, GoTyme Bank capitalized on the huge unmet demand for simple, hassle-free banking. In only 15 months, 2.5 million users switched to GoTyme Bank and are now enjoying an upgraded banking experience.