MANILA— The Bank of the Philippine Islands said Friday its merger with unit BPI Family Savings bank will take effect on Jan. 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 enable the bank to optimize opportunities and enhance the overall banking experience of customers.
“To reiterate, we initiated and pushed for this merger with the best interests of our customers and empoyees in mind,” said BPI President and CEO TG Limcaoco.
“One BPI is about banking for the future, to enable us to lead the economic turnaround, towards a better and sustainable Philippines,” Limcaoco added.
Post-merger activities will start in the first quarter of 2022 with the target completion by the end of next year, BPI said.
BPI is the country's 4th largest bank in terms of assets as of September 2021, data from the Bangko Sentral ng Pilipinas showed.