The board of directors of Bank of the Philippine Islands (BPI), during their regular meeting on 17 November, has approved the merger with Robinsons Bank Corp. (RBC), led by Bankeros Ayala and Gokongwei, respectively.
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The two firms publicly announced their intent to complete the process before the end of 2023, with BPI as the surviving entity.
The process shall result to RBC shareholders Robinsons Retail Holdings Inc. and JG Capital collectively holding about 6 percent of the outstanding capital stock of BPI.
The meeting also paved way to the approval of the increase in the bank’s authorized capital stock by P4 billion to P54.6 billion, which will be divided into 5.4 million common shares and 60 million preferred shares.