BPI sells shares in GoTyme Bank

MANILA, Philippines —  The Bank of the Philippine Islands (BPI) sold its 752 million common shares of GoTyme Bank Corp. to GoTyme Financial Pte. Ltd. and Giga Investment Holdings Pte. Ltd, the bank said yesterday.

In a disclosure to the Philippine Stock Exchange, BPI said it sold 744 million common shares to GoTyme Financial and 7.96 million shares to Giga Investment Holdings at P1.20 per share, subject to the approval of the Bangko Sentral ng Pilipinas (BSP).

The bank also changed its stock transfer agency to Stock Transfer Service Inc. from BPI Stock Transfer Agency, effective May 1. BPI’s engagement with BPI STA will be terminated by end-April.

BPI acquired the shares of GoTyme Bank following the marriage between BPI and the Gokongwei-owned Robinsons Bank Corp. earlier this year, with the Ayala-led lender as the surviving bank.

Last December 2023, the merger was approved by the Securities and Exchange Commission (SEC) and the BSP through Resolution 1633 issued by the Monetary Board.

The Ayala-led bank executed a supplemental to the plan for merger with the Gokongwei-owned bank in October last year to comply with the requirements of the SEC.

JG Summit Capital Services Corp. controls a 59.99-percent stake in Robinsons Bank, while Robinsons Retail Holdings Inc. (RRHI) owns 39.99 percent.

Upon completion of the merger, the Gokongwei Group got an additional six percent stake in BPI.

In January last year, RRHI spent nearly P20 billion to acquire the 4.4 percent interest in BPI from Arran Investment Pte Ltd, an affiliate of Singaporean state fund GIC Private Ltd.

Through the consolidation, BPI was able to unlock various synergies across several products and service platforms, expand the customer and deposit base of both banks through the merged entity.

The merger also allowed BPI to expand its client base, accelerate growth, and ultimately increase shareholder value through partnerships with the Gokongwei Group.