JG Summit Group and Tyme Group agreed to repurchase the remaining minority shares in GoTyme Bank held by Bank of the Philippine Islands (BPI).
GoTyme Bank chief executive Nathan Clarke said the buy-out increased the conviction and confidence of JG Summit and Tyme Group in the digital bank.
“We believe that the JG Summit Group re-establishing itself as the largest shareholder of GoTyme Bank puts us in an even stronger position on our journey to become the number one bank in the Philippines,” he said.
BPI assumed a minority stake in GoTyme Bank following its merger with Robinsons Bank in January 2024.
The board of directors of the JG Summit Capital Services Corp. and Tyme Group approved plans to buy the minority stake of BPI, subject to regulatory approval.
GoTyme Bank earned 3 million users in 17 months and was named the top 4 bank in active Visa cards, top 4 bank in active users, ranked third among finance apps and seventh in Instapay transactions.
Confident in its profitability, GoTyme Bank said it expects to break even faster than its sister bank, TymeBank South Africa, which is one of the world’s fastest-growing digital banks with 8.5 million customers as of 2023.
“GoTyme Bank’s performance since its commercial launch in late 2022 has exceeded our expectations and increased our confidence that it will drive a significant improvement to how customers experience financial services in the Philippines,” said JG Summit Holdings Inc. president and CEO Lance Gokongwei.
He said Tyme and JG Summit Group would continue to provide the required support and investment to make GoTyme a game changer in the Philippine market.