JGS confirms the sale of its banking unit to BPI

JG Summit today confirmed the merger of Robinsons Bank Corp. (RBC) with Bank of the Philippine Islands (BPI), subject to shareholder and regulatory approvals.

Gokongwei Group will own 6% of BPI’s outstanding shares once the Ayala-led company and RBC shareholders close the deal before the end of the year.

The merger is expected to strengthen the overall banking strength of the surviving bank, BPI, and open up expanded banking and other financial services to Robinson Bank customers.

In a statement, Lance Gokongwei, president and chief executive officer (CEO) of JG Summit, said the merger of Robinsons Bank with BPI was the “best way forward”.

“This will give our customers access to a more comprehensive range of banking products and services, as the combined organization will leverage the ecosystem of Gokongwei and Ayala Groups.”

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In a separate statement, BPI President and CEO Jose Teodoro Limcaoco said the Ayala-led company was pleased with the transaction.

Limcaoco believes the merger illustrates BPI’s strategic effort to expand its customer base, accelerate growth and ultimately increase shareholder value through the partnership with the Gokongwei Group.

“We plan to make a smooth transition and integration of RBC and its clients into BPI, and aim to maintain quality banking services and offer additional best-in-class and innovative products to our broader client base,” added Limcaoco.

He also mentioned that the Ayala-led bank is “eager to strengthen” its ties with the Gokongwei Group through further collaboration opportunities across the “extensive ecosystem” of JG Summit.