GoTyme Financial Pte. Ltd. and Giga Investment Holdings, Pte. Ltd. agreed to acquire 15% stake in GoTyme Bank Corporation from Bank of the Philippine Islands (PSE:BPI) for PHP 900 million on March 20, 2024.

The shares will be acquired at a price of PHP 1.2 per share. As of April 1, 2024, Deeds of Absolute Sale of Shares covering the abovementioned sale of GoTyme Bank shares were signed by the authorized representatives of Bank of the Philippine. The sale is intended to address any potential conflict of interest created by the significant overlap in and similarity of product offerings of GoTyme Bank and BPI.

After the sale, Bank of the Philippine Islands will have no shareholdings in GoTyme Bank. Post the transaction, GoTyme Financial will hold approximately 744.1 million shares and Giga Investment will hold approximately 8 million shared. The board of Bank of the Philippine Islands approved the transaction on March 20, 2024.

The deal is subject to approval of BSP (Bangko Sentral ng Pilipinas), the central bank of Philippines.