The two banks have completed their merger.
Bank of the Philippine Islands (BPI) stated in their recent disclosure to the Philippine Stock Exchange (PSE) that their merger with Robinsons Bank has been approved by the Securities and Exchange Commission (SEC) last December 29.
The said approval paved the way for the consummation of the merger between the two banks that saw BPI as the surviving entity last January 1.
They have earlier gained the thumbs up from two other regulatory bodies: the Philippine Competition Commission (PCC) in September, and the Bangko Sentral ng Pilipinas (BSP) through Resolution 1633 in December.
With the merger, the Gokongwei group — which owned Robinsons Bank will have more than 10% stake in BPI, as the Ayala group continues to have the controlling stake in the bank.
Prior to the merger, Robinsons Bank assets include thrift bank Legazpi Savings Bank, insurance company Unicon, and digital bank GoTyme.
RBank is also the sixteenth largest lender in the country.
Meanwhile, BPI is the third largest bank in the Philippines based on its assets and deposits.