GOKONGWEI-OWNED Robinsons Retail Holdings Inc. said on Friday it plans to acquire 4.4 percent shares in the Bank of the Philippine Islands (BPI) of the Ayalas.

The board of directors on Jan. 5 approved the purchase of 4.4 percent effective equity interest of Arran Investment Pte. Ltd. in BPI, the firm told the stock exchange in a disclosure.

Arran is an affiliate of GIC Private Limited. GIC via Arran currently owns 21.9 percent of Liontide Holdings Inc., which in turn has a 20 percent equity interest in BPI.

RRHI said it would acquire preferred shares in Liontide which are redeemable to BPI shares equivalent to 1.1 percent, while the remaining 3.3 percent would be purchased directly.

“We envision Robinsons Retail to become a leading retailer with excellent financial products for customers and suppliers alike - and the partnership with BPI simply accelerates this aspiration,” RRHI president and chief executive officer Robina Gokongwei-Pe said.

“We expect to generate more value by combining BPI’s premium banking ecosystem with the consumer-oriented ecosystem of Robinsons Retail, complemented further by our digital businesses,” she added.

Last September 2022, BPI, JG Summit Capital Services Corp. and Robinsons Retail approved the merger of BPI and Robinsons Bank Corp.