With the approval of the Bangko Sentral ng Pilipinas, the BPI-Robinsons Bank merger now requires the SEC to give the green light for the merger to proceed.

The anticipated merger of the Bank of the Philippine Islands (BPI) and Robinsons Bank Corporation (RBC) has advanced one step further. Following approval from the Bangko Sentral ng Pilipinas (BSP), the BPI-Robinsons Bank merger now requires clearance from the Securities and Exchange Commission for it to take effect by its target date early in 2024.

According to both BPI and JG Summit, the holding company of Robinsons Bank, the Bangko Sentral ng Pilipinas approved the merger through Monetary Board Resolution 1633 last December 14.

The BPI-Robinsons Bank merger was set into motion by their boards in September 2022, and the Philippines Competition Commission gave its approval in March 2023. BPI is set to be the surviving entity in the merger.

According to BPI, the merger “will unlock various synergies across several products and service platforms and expand the customer and deposit base of both banks through the merged entity. At the same time, by capitalizing on BPI’s expertise and network, the merger will lead to enhancement of the overall banking experience of RBC customers.” 

Meanwhile, according to JG Summit President and CEO Lance Y. Gokongwei, the BPI-Robinsons Bank merger is “the best direction to take to provide us with better scale and access to a larger customer base. This strategic move will unlock various synergies across several product and service platforms and expand the customer and deposit base of both banks through the merged entity.”