By the staff
The Bank of the Philippine Islands (BPI) will merge two of its savings banks as part of efforts to strengthen capital, improve efficiency, and sharpen its competitive position.
In a disclosure to the Philippine Stock Exchange, BPI said its board authorized management “to pursue plans to merge BPI Direct BanKo, Inc., A Savings Bank, and Legazpi Savings Bank, Inc., with BanKo as the surviving entity.”
The merger remains subject to approvals from the subsidiaries’ boards and stockholders, as well as regulatory clearances.
BPI said the consolidation is expected to create a stronger, more resilient capital structure and allow for more efficient use of resources. “The integration will therefore reinforce market presence and improve customer acquisition and retention for the merged bank,” it added.
The bank highlighted potential gains in operational efficiency, cost synergies, and client experience, along with improved technological integration and digital capabilities across the combined entity.
The move also aims to support long-term sustainability, capital adequacy, and operational flexibility while aligning resources with strategic priorities.
