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Manila Bulletin devider Business devider BPI-BFSB merger takes effect in new year

BPI-BFSB merger takes effect in new year

Published Dec 25, 2021 01:24 pm

The Bank of the Philippine Islands (BPI) announced that, effective January 1, 2022, the merger with BPI Family Savings Bank (BFSB), its wholly owned thrift bank subsidiary officially takes effect.

Under the merger, parent company BPI is the surviving entity, as approved by its shareholders and regulators.

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“The merger will enable the bank to seize and optimize opportunities to enhance the overall banking experience of its customers,” BPI said in a statement.

It added that, “As one BPI, customers will have access to the full suite of the BPI group’s products and services, via its digital and physical channels.”

“As previously mentioned, we initiated and pushed for this merger with the best interests of our customers and employees in mind,” said BPI President and CEO Jose Teodoro Limcaoco.

BPI President Jose Teodoro "TG" Limcaoco

He noted that, “One BPI is about changing the way we think and act as one of the country’s trusted financial partner. More importantly, One BPI is about changing the way we serve our customers relevant to the times.”

“One BPI is about banking for the future, to enable us to lead the economic turnaround, towards a better and sustainable Philippines,” LImcaoco added.

Post-merger activities will start on the first quarter of 2022, and targeted for completion by the end of 2022.

Related Tags

Bank of the Philippine Islands BPI Family Savings Bank Teodoro Jose TG Limcaoco
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