Money

Ayalas jack up BPI’s capital to accommodate merger with savings bank

The Bank of the Philippine Islands is increasing its authorized capital stock by 100 million shares to accommodate its plan to absorb its savings banking arm.

The BPI board chaired by bilyonaryo Jaime Augusto Zobel de Ayala approved the increase in its authorized capital stock to 5 billion shares from 4.9 billion shares. BPI shares have a par value of P10 per share.

Last January, BPI announced that it was merging with its subsidiary, BPI Family Savings Bank, to enhance operations and benefit both its customers and employees.

READ: BPI economist links exchange rate to easing inflation as peso falls below P48 to dollar

BPI is the country’s third largest private bank while BPI Family is the largest thrift bank.

“This merger has the best interests of our customers and employees in mind,” said BPI President and CEO Cezar P. Consing, who is also the Chairman of BPI Family in a statement.

READ: BPI profit dips 26% in 2020 as loan loss provisions soar

“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 (3,000 from BPI Family) will have the ability to work across a larger, more varied bank, while having continuity of tenure and job level,” he added.

BPI Family Savings Bank was formed in 1985 when BPI bought out Family Bank from the late bilyonaryo, Andrew Gotianun.

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