Bank of the Philippine Islands, BPI Family merger takes effect

The Bank of the Philippine Islands (BPI) on Friday announced that its merger with its wholly owned thrift bank unit BPI Family Savings Bank (BFSB) already took effect on January 1, 2022.

In an emailed statement, BPI said it became the surviving entity following the merger.

In January last year, the Ayala-led bank announced plans to merge with its thrift banking arm.

BPI said the merger will enable it to seize and optimize opportunities to enhance the overall banking experience of its customers.

The bank added that customers will have access to the full suite of the BPI group’s products and services, via its digital and physical channels.

“We initiated and pushed for this merger with the best interests of our customers and employees in mind,” BPI president and CEO TG Limcaoco said.

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

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

The Ayala-led bank earlier said that BFSB is not listed on the Philippine Stock Exchange and is a 100% subsidiary of BPI, “the basis of the exchange is BFSB's net asset value as of December 31, 2020 and BPI share prices as of December 29, 2020.”

Post-merger activities will start on the first quarter of 2022, and targeted for completion by the end of 2022, BPI said.—LDF, GMA News