The Bank of the Philippine Islands and Robinsons Bank Corp. approved the execution of a merger agreement.

In a joint statement, the two banks said BPI will emerge as the surviving entity, subject to shareholders and regulatory approvals.

Upon the effectivity of the Merger after receipt of all necessary corporate and regulatory approvals, the RBC Shareholders will collectively hold approximately 6% of the resulting outstanding capital stock of BPI.

The companies said the Merger, which the parties hope to complete before the end of 2023, will unlock various synergies across several products and service platforms and expand the customer and deposit base of both banks through the merged entity. 

At the same time, by capitalizing on BPI’s expertise and network, the Merger will lead to enhancement of the overall banking experience of RBC customers. 

RBC’s products and services cater to its corporate, commercial, and retail clients through its 189 branches and branch-lite units (including 14 branches and 14 branch-lite units of its subsidiary, Legazpi Savings Bank), 354 ATMs, and online and mobile banking channels. 

As of June 30, RBC has total assets of P175.9 billion, including net loans and receivables of P102.4 billion, and total liabilities of P156.0 billion, including deposits of P139.0 billion.