MANILA - The Bank of the Philippine Islands on Thursday said its board has approved the issuance of common shares to shareholders of Robinsons Bank Corp as part of the merger between the 2 banks.

The transfer of shares will result in Robinsons Bank shareholders collectively holding approximately 6 percent of the resulting outstanding common stock of BPI, the Ayala-led lender said in a disclosure to the stock exchange.

"The Board of Directors of BPI in its meeting on 14 December 2022 approved the issuance to the shareholders of RBC such number of BPI common shares as would result to the RBC shareholders collectively holding approximately 6% of the resulting outstanding common stock," BPI said.

BPI shall not issue more than 318,912,309 common shares, it added.

• BPI announces planned merger with Gokongwei-led Robinsons Bank
• BPI confirms talks with Robinsons Bank on 'potential collaboration'

Last Sept. 30, BPI approved the proposed merger with the Gokongwei-led bank. BPI will be the surviving entity following the completion of the deal.

BPI earlier said the merger is expected to be completed before the end of 2023.

Robinsons Bank currently has 189 branches and branch-lite units, 354 ATMs with a total of asset of P175.9 billion as of June 2022. The Gokongwei Group also has a digital license from the Bangko Sentral ng Pilipinas for GOTyme Bank.

BPI, meanwhile, is the country’s third largest bank in terms of assets as of June 30, 2022, according to central bank data.

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