MANILA - JG Summit Holdings Inc said on Friday the merger between the Bank of the Philippine Island and Robinsons Bank Corp could take effect earlier than anticipated.
A BusinessWorld report quoted BPI President and CEO TG Limcaoco saying that the merger could take effect as early as 6 months on in October.
It was previously estimated to be enforced in 2024.
"Upon advice received from BPI, JGS confirms the statements quoted in the subject news article that the BPI-RBC merger may take effect this year, earlier than previous estimate of 01 January 2024, if both parties are able to secure all the necessary approvals," JG Summit told the stock exchange.
In 2022, the Ayala-led and the Gokongwei-led banks announced their plans to merge with BPI as the surviving entity and with Robinsons Bank shareholders to collectively hold 6 percent of the resulting outstanding capital stock of BPI.