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Manila Bulletin devider Business devider Banking & Finance devider BPI to issue 314 M shares to Gokongwei-owned bank

BPI to issue 314 M shares to Gokongwei-owned bank

Published Oct 24, 2023 07:42 am

Ayala-owned Bank of the Philippines Islands (BPI) will be issuing 314 million common shares to the shareholders of the Gokongwei-led Robinsons Bank Corporation (RBC) to complete their merger, which was approved by the Board of Directors on Sept. 30.

According to a disclosure to the Philippine Stock Exchange (PSE), the 314 million is the initial number of BPI's shares that will be issued in its merger with RBC, wherein BPI remains the surviving entity.

The common shares would be "subject to adjustments arising from continuing due diligence and/or in the event of non-compliance with closing conditions," said the PSE.

BPI released a supplemental document that it executed with RBC shareholders in compliance with the Financial Analysis and Audit Division of the Securities and Exchange Commission's (SEC) request to specify the number of common shares to be issued by BPI.

RBC's main shareholders include the Robinsons Retail Holdings, Inc. (RRHI), JG Summit Capital Services Corporation (JGCAP) through its parent company JG Summit Holdings Inc., both of which hold around 99 percent of RBC's outstanding capital stock.

The proposed merger was approved by the banks' respective Board of Directors on Sept. 30, 2022, and subsequently by stockholders who hold two thirds of total outstanding shares on Jan. 17, 2023.

The plan indicated that RBC shareholders will hold around six percent of the resulting outstanding capital stock of BPI. The bank has yet to release the agreed upon ratio of exchange of shares.

The merger is still being processed and approved by the Philippine Competition Commission (PCC), Bangko Sentral ng Pilipinas (BSP), and the SEC.

Once the merger passes and is in full effect, the PSE said that BPI will issue its number of primary BPI common shares to the RBC shareholders. BPI will also absorb RBC's net assets.

According to the bank, the merger will "unlock various synergies across several products and service platforms," particularly "capitalize on BPI's expertise and network and enhance RBC customers' banking experience."

Aside from diversifying the client base and accelerating growth, the merger is also expected to "increase shareholder value through partnerships with the Gokongwei Group."

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Bank of the Philippine Islands Robinsons Bank Corporation
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