The merger between BPI and BPI Family Savings Bank (BFSB) with the former as the surviving entity, is expected to be completed this year and will boost the merged unit’s customer base to 8.5 million.
BPI said the merger would prime BPI “to seize emerging opportunities and ultimately enhance the overall banking experience of customers.”
“The reduction in the gap in regulatory reserve requirements between commercial banks and thrift banks was also a factor in the timing of the transaction,” BPI said.
Focused on providing housing and auto loans, BFSB is the country’s largest thrift bank with P287 billion in assets, P235 billion in deposits and P227 billion in loans.
It has a manpower of 3,000 employees.
“This merger has the best interests of our customers and employees in mind. As One BPI, our 8.5 million customers will be able to enjoy the full suite of the BPI group’s products, via all our digital and physical channels. Similarly, as One BPI, our employees will have the ability to work across a larger, more varied bank, while having continuity of tenure and job level,” said BPI president and CEO Cezar P. Consing, who is also the chairman of BFSB.