THE Philippine Competition Commission has cleared the proposed merger between the Bank of the Philippine Islands (BPI) and Robinsons Bank Corp. (RBC).

On Jan. 17, 2023, stockholders representing at least two-thirds of the outstanding shares of BPI approved the merger between BPI and RBC, with BPI as the surviving bank.

BPI is securing the approval of the Bangko Sentral ng Pilipinas and the Securities and Exchange Commission.

The proposed merger will unlock various synergies across several products and service platforms, expand the customer and deposit base of both banks through the merged entity, and, at the same time, by capitalizing on BPI’s expertise and network, enhance the overall banking experience of RBC customers. (PR)