BancNet, Inc. and Philippine Clearing House Corp. (PCHC) shareholders have given their approval for the proposed merger, a move initiated by the Bankers Association of the Philippines (BAP).
The approval came with 86.67% of BancNet shares and 78.57% of PCHC shares in favor of the merger, according to a statement by BancNet.
The merger, which awaits the approval of the Bangko Sentral ng Pilipinas (BSP), the Securities and Exchange Commission, and the Philippine Competition Commission (PCC), is intended to enhance the organizations’ ability to provide secure and efficient payment services.
The consolidation is also expected to facilitate compliance with regulatory requirements and foster better governance within the payments industry.
The merged entity would oversee services like InstaPay and PESONet, which have seen increased transaction values and volumes in recent times.
