Robinsons Bank is set to merge with the Ayala Group’s Bank of the Philippine Islands. This follows the approval of Robinsons Bank’s board of directors on September 30, 2022, to execute the agreement between BPI and Robinsons Bank’s owners, namely Robinsons Retail Holdings, Inc. (RRHI) and JG Summit Capital Services Corp., a wholly owned subsidiary of JG Summit Holdings. When combined, the two banks would create the country’s second-biggest private lender, behind BDO.
This development will allow Robinsons Bank to leverage on the ecosystems of two of the largest conglomerates in the country by combining Robinsons Bank’s product innovations and its success in the rapidly growing niche markets with BPI’s scale of operations and formidable reputation can only benefit the bank’s customers with better and expanded service.
Upon the effectivity of the merger, which is expected to be completed by late 2023 after the necessary corporate and regulatory approvals are secured, Robinsons Bank’s shareholders will collectively hold approximately 6% of the resulting outstanding capital stock of BPI.