MANILA – The Bank of the Philippine Islands announced on Friday that its merger with the BPI Family Savings Bank unit will take effect on January 1, 2022.
BPI will be the surviving entity as approved by its shareholders and regulators, the bank said in a statement.
BPI said the merger will allow the bank to optimize opportunities and improve the overall banking experience for customers.
“To reiterate, we have initiated and encouraged this merger with the best interests of our customers and employees in mind,” said BPI President and CEO, TG Limcaoco.
“One BPI is about banking for the future, to enable us to lead the economic recovery, towards a better and sustainable Philippines,” added Limcaoco.
Post-merger activities will begin in the first quarter of 2022 with the target of completion by the end of next year, BPI said.
BPI is the country 4th largest bank in terms of assets in September 2021, data from Bangko Sentral ng Pilipinas showed.
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