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April 12, 2024

BPI relinquishes 15% stake in GoTyme Bank for streamlined operations

Bank of the Philippine Islands (BPI), the leading financial institution owned by Zobel family, has opted to divest its 15% ownership stake in digital bank GoTyme Bank Corp. for P902.47 million.

This strategic move aims to streamline BPI’s operations and preempt potential competition with its own suite of services.

Approved by BPI’s board of directors, the sale encompasses all of the bank’s 752.056 million shares in GoTyme.

These shares acquired during the merger with Robinsons Bank will be sold to Gokongwei-led entities, namely GoTyme Financial Pte. Ltd. and Giga Investment Holdings Pte. Ltd., at a price of P1.20 per share.

The transaction is subject to the approval of the Bangko Sentral ng Pilipinas.

GoTyme Bank, a collaboration between Tyme Investments Pte. Ltd. and the Gokongwei family’s JG Summit Group and Robinsons Retail Holdings, is one of only six entities to have secured a digital banking license from the BSP.

JG Summit Capital Services Corp., the majority stakeholder of GoTyme Financial, also holds a 3.58% ownership interest in BPI.