The Bank of the Philippine Islands (BPI) rounds the year with the formal takeover of Robinsons Bank.
Their union completes the process by which their respective boards first approved of transaction in September 2022 and green lighted by the Philippines Competition Commission in March this year.
Existing laws do not require approval of the merger by the Philippine Deposit Insurance Corp. but the transaction, the Bangko Sentral ng Pilipinas and its policy-making monetary board said, requires the assent of the Securities and Exchange Commission.
“Except for the transfer of deposits of the depositors from RBank to BPI upon the effectivity of the Merger, which will result in RBank deposits being assumed by BPl as its deposit liabilities, subject to applicable terms and conditions for the same type of BPI deposits in accordance with pertinent BSP rules and regulations, there shall be no change in the
rights of depositors of the Constituent Banks in view of the Merger,” the merging banks said in a statement.
