Metro Manila (CNN Philippines, January 6) – Robinsons Retail Holdings Inc. (RRHI) has confirmed that it will acquire a 4.4% stake in the Bank of the Philippine Islands (BPI).
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“On January 5, 2023, Robinsons Retail’s Board of Directors has approved the purchase of the 4.4% effective equity interest of Arran Investment Pte. Ltd. (‘Arran’) (an affiliate of GIC Private Limited ‘GIC’) in the Bank of the Philippine Islands (‘BPI’),” RRHI said Friday. “Through Redeemable Preferred Shares (‘Preferred Shares’), GIC via Arran currently owns 21.9% of Liontide Holdings, Inc. (‘Liontide’), which in turn has a 20.0% equity interest in BPI.”
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RRHI said the merger would allow them to cross-sell products to BPI’s customer base while also allowing RRHI suppliers access to BPI’s financial products in order to fund their own capital requirements.
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In September 2022, the Robinsons Bank Corp. (RBC) – which RRHI and the JG Summit Capital Services Corporation (JG Capital) own 99.9984% of – and BPI entered a merger agreement which will leave BPI as the surviving entity. It is expected to take effect before the end of 2023.
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“The Merger will result in Robinsons Bank shareholders collectively holding 6% of the resulting outstanding capital stock of BPI (3.6% for JG Capital and 2.4% for Robinsons Retail, which represent their respective equity interest of 60% and 40% in Robinsons Bank),” the RRHI added.
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