Competition commission clears BPI-Robinsons Bank merger | ABS-CBN
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Competition commission clears BPI-Robinsons Bank merger
Competition commission clears BPI-Robinsons Bank merger
ABS-CBN News
Published Sep 15, 2023 05:19 PM PHT
MANILA -- The Philippine Competition Commission (PCC) has cleared the merger between the Bank of the Philippine Islands (BPI) and Robinsons Bank.
MANILA -- The Philippine Competition Commission (PCC) has cleared the merger between the Bank of the Philippine Islands (BPI) and Robinsons Bank.
JG Summit Holdings, Robinsons Bank's parent company, told the Philippine Stock Exchange on Friday that their wholly-owned subsidiary JG Capital received a copy of the antitrust body's decision on Thursday, September 14.
JG Summit Holdings, Robinsons Bank's parent company, told the Philippine Stock Exchange on Friday that their wholly-owned subsidiary JG Capital received a copy of the antitrust body's decision on Thursday, September 14.
A copy of the decision obtained by ABS-CBN News showed the PCC found that the merger will not hurt competition in the deposit products offered by universal and commercial banks, and even thrift banks.
A copy of the decision obtained by ABS-CBN News showed the PCC found that the merger will not hurt competition in the deposit products offered by universal and commercial banks, and even thrift banks.
The PCC also said the merger will not negatively affect competition in the market of loans offered by universal and commercial banks, credit card issuances, trust management, and merchant acquiring services.
The PCC also said the merger will not negatively affect competition in the market of loans offered by universal and commercial banks, credit card issuances, trust management, and merchant acquiring services.
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BPI is the third-largest Philippine lender in terms of assets, with the Gokongwei-led lender at 16th.
BPI is the third-largest Philippine lender in terms of assets, with the Gokongwei-led lender at 16th.
Aside from PCC approval, BPI, which will become the surviving entity after the merger, will also need the approval of Bangko Sentral and the Securities and Exchange Commission.
Aside from PCC approval, BPI, which will become the surviving entity after the merger, will also need the approval of Bangko Sentral and the Securities and Exchange Commission.
BPI earlier said they hope the merger could be completed in early 2024.
BPI earlier said they hope the merger could be completed in early 2024.
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