with Robinsons Bank Corporation has been approved by the Philippine Competition Commission .
The PCC ruled that upon review, the merger “will not likely result in substantial lessening of competition.” Even after the merger, BPI as the surviving entity will merely retain its current rank as the third largest bank in the country in terms of total assets and deposits. The merger will allow BPI to engage in digital banking through Robinsons Bank’s 20% ownership interest in GoTyme. However, the PCC also doesn’t expect BPI to have enough market power to foreclose GoTyme transactions with other banks or stop other banks from funding GoTyme accounts.
has the largest net loan portfolio with P5.74 billion as of December 2022 while Maya Bank has P2.375 billion. By contrast, GoTyme only has P538.8 million.BPI president and chief executive officer Jose Teodoro “TG” Limcaoco said on August 1 that the merger was“The Robinsons Bank merger is today with the regulators in terms of seeking approval. We are with SEC and then the BSP , which we follow. We hope to complete this by January 1st.
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Source: MlaStandard - 🏆 20. / 55 Read more »