The Ayala and Gokongwei led banks are set to merge through a swap agreement.
Bank of the Philippine Islands (BPI) and Robinsons Bank Corp. (RBC) are reportedly working on a share swap agreement merger.
RBC is said to be taking a six percent stake in BPI.
Under the planned consolidation, BPI would emerge as the surviving entity. BPI has close to 900 branches and more than 2,500 ATMs, while RBC has about 150 branches and 354 ATMs.
The said merger is subject to the approval of the board of directors, shareholders as well as regulators, including the Securities and Exchange Commission (SEC), Bangko Sentral ng Pilipinas (BSP), Philippine Deposit Insurance Corp. (PDIC) and the Philippine Competition Commission (PCC).