Regulatory Alerts2024-01-19
CL-2024-005: Merger of Bank of the Philippine Islands (BPI) and Robinsons Bank Corporation, with BPI as the Surviving Bank
The Bangko Sentral ng Pilipinas issued Circular Letter CL-2024-005 to inform supervised financial institutions of the merger between Bank of the Philippine Islands (BPI) and Robinsons Bank Corporation. The Securities and Exchange Commission approved the transaction, under which BPI acts as the surviving entity absorbing all assets and liabilities of Robinsons Bank Corporation. This merger officially took effect on 1 January 2024.
Page 1 of 1 OFFICE OF THE DEPUTY GOVERNOR I FINANCIAL SUPERVISION SECTOR CIRCULAR LETTER NO. CL-2024-___ To : All BSP-Supervised Financial Institutions Subject : Merger of Bank of the Philippine Islands (BPI) and Robinsons Bank Corporation, with BPI as the Surviving Bank The Securities and Exchange Commission approved on 29 December 2023 the Articles of Merger and Plan of Merger executed on 5 September 2023, and Supplemental Plan of Merger executed on 20 October 2023, by and between, Bank of the Philippine Islands (BPI), the surviving corporation, and Robinsons Bank Corporation (ROBBC), the absorbed corporation, whereby the entire assets and liabilities of ROBBC will be transferred to and absorbed by BPI. The merger took effect on 1 January 2024. For information and guidance. CHUCHI G. FONACIER Deputy Governor 19 January 2024