The Board of Directors of Robinsons Bank Corporation (“RBank”), at its meeting today, Friday, 30 September 2022, approved the execution of an agreement between the Bank of the Philippine Islands (“BPI”) and Robinsons Retail Holdings, Inc.
(“RRHI”) and JG Summit Capital Services Corp., a wholly-owned subsidiary of JG Summit Holdings, Inc., (“JG Capital” and together with RRHI, the “RBank Shareholders”) for the merger of BPI and RBank, with BPI emerging as the surviving entity (the “Merger”), subject to shareholders and regulatory approvals.
Upon the effectivity of the Merger after receipt of all necessary corporate and regulatory approvals including the approvals of the Philippine Competition Commission, the Bangko Sentral ng Pilipinas, the Philippine Deposit Insurance Corporation, and the Securities and Exchange Commission, the RBank Shareholders will collectively hold approximately 6% of the resulting outstanding capital stock of BPI.
The Merger, which the parties hope to complete upon regulatory approvals, will unlock various synergies across businesses, expand the customer base, and enhance the overall banking experience of RBank customers with the combined network.
RBank’s products and services cater to its corporate and retail clients through its 190 branches/branch-lite units, 393 ATMs, and online and mobile banking channels, which will augment BPI’s network of 1,181 branches and 2,398 ATMs/CAMs.
As of 30 June 2022, RBank has total assets of Php175.9 billion, including net loans and receivables of Php102.4 billion, and total liabilities of Php156.0 billion, including deposits of Php139.0 billion.
RBank President and CEO, Elfren Antonio S. Sarte, said, “We are excited for the possibilities that this Merger will unlock given the unique position we are in that will allow us to leverage on the ecosystems of two of the largest conglomerates in the country.
“We are confident that combining RBank’s product innovations and its success in the rapidly growing niche markets with BPI’s scale of operations and formidable reputation can only benefit our customers with better and expanded service.
“We will work closely with BPI in the coming months to ensure proper integration of the two organizations and to ensure that our customers will be able to transition seamlessly.”
Further disclosures will be made as appropriate.
