BPI, RBC merger approved

It will take effect on 1 January, with BPI as the surviving entity.

Bangkok Sentral ng Pilipinas (BSP) has approved the merger between Bank of the Philippine Islands (BPI) and RBC.

BSP’s monetary board approved the merger on 14 December, subject to certain conditions, with BPI as the surviving bank.

The merger is expected to take effect on 1 January 2024, subject to the approval of the local Security and Exchange Commission.

BPI’s board of directors first approved the proposed merger on 30 September 2022, whilst stockholders voted for its approval on 17 January 2023.