BPI completes all-share merger with thrift unit BPI Family Savings Bank

The Bank of the Philippine Islands (BPI) has announced that its merger with BPI Family Savings Bank (BFSB), its wholly-owned thrift bank subsidiary, officially took effect on January 1, 2022, with BPI as the surviving entity as approved by its shareholders and regulators.

According to BPI, the merger of BPI and BFSB will create considerable value to the customers, employees, and shareholders of the two entities. The customers of the combined BPI and BFSB will have access to BPI Group’s products and services via its digital and physical channels.

It also opens an opportunity for the employees of the merged entity to work across a larger, more varied bank.

“We initiated and pushed for this merger with the best interests of our customers and employees in mind,” BPI president and CEO TG Limcaoco said. “One BPI is about changing the way we think and act as one of the country’s trusted financial partners. More importantly, One BPI is about changing the way we serve our customers relevant to the times.” 

Limcaoco added that the merger also backs the company in preparing for the future of banking in the country, “One BPI is about banking for the future, to enable us to lead the economic turnaround towards a better and sustainable Philippines.”

The Board approved the merger on January 20, 2021, by stockholders representing at least 2/3 of the total outstanding shares on April 22, 2021, by the Monetary Board of Bangko Sentral ng Pilipinas (BSP) on September 30, 2021, and by the Securities and Exchange Commission (SEC) on December 21, 2021. 

Post-merger activities will start on the first quarter of 2022, and are targeted for completion by the end of the year, said BPI.

Sources:
https://edge.pse.com.ph/companyDisclosures/
https://www.philstar.com/business/2022/01/08/2152448/one-bpi-takes-effect