Subject to the approval of the Bangko Sentral ng Pilipinas (“BSP”) and the Securities and Exchange Commission (“SEC”), and with reference to the disclosures made by BANK OF THE PHILIPPINE ISLANDS (“BPI”) and ROBINSONS BANK CORPORATION (together, the “Constituent Banks”) in relation to their plan to merge, with BPI as the surviving bank (the “Merger”), the Constituent Banks hereby provide an update on the Merger, with target effectivity on January 1, 2024:
The Constituent Banks have secured all corporate approvals as well as the clearance of the Philippine Competition Commission for the Merger, and are currently working closely with the regulators in order to obtain the necessary approvals.
We reiterate that the effectivity of the Merger is subject to the approval of the BSP and the SEC.
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| BPI is regulated by the Bangko Sentral ng Pilipinas