Bank of the Philippine Islands completed the acquisition of Robinsons Bank Corporation from JG Summit Capital Services Corporation and Robinsons Retail Holdings, Inc., Ignacio Mamaril, Jr., Vicente Pang and other minority shareholders.
January 31, 2023
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Bank of the Philippine Islands (PSE:BPI) agreed to acquire Robinsons Bank Corporation from JG Summit Capital Services Corporation and Robinsons Retail Holdings, Inc. (PSE:RRHI), Ignacio Mamaril, Jr., Vicente Pang and other minority shareholders for PHP 27 billion on September 30, 2022. Bank of the Philippine Islands will be a surviving bank in the transaction. The number of BPI common shares that will be issued pursuant to the Merger shall be equivalent to approximately 6% of the resulting outstanding common shares of BPI as of the Effective Date of the Merger, subject to certain adjustments. Transaction is subject to subject to shareholders and regulatory approvals including Philippine Competition Commission, the Bangko Sentral Pilipinas, the Philippine Deposit Insurance Corporation, and the Securities and Exchange Commission, the RBC Shareholders will collectively hold approximately 6% of the resulting outstanding capital stock of BPI. As of January 17, 2023, stockholders representing at least two-thirds of the outstanding shares of BPI approved the merger between BPI and RBC. Transaction is expected to complete on October 1, 2023. BPI Capital Corporation acted as Deal Financial Adviser. As of April 25, 2023, transaction could be completed as early as October 2023. As of August 15, 2023, the transaction is expected to take into effect on January 1, 2024. As of September 6, 2023, Philippine Competition Commission (PCC) has cleared the proposed merger. The Bank is securing the approval of the Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission of Philippine (SEC). Upon the effectivity of the merger, BPI shall issue to the shareholders of RBC such number of primary BPI common shares and in exchange, BPI will absorb the net assets of RBC.
Bank of the Philippine Islands (PSE:BPI) completed the acquisition of Robinsons Bank Corporation from JG Summit Capital Services Corporation and Robinsons Retail Holdings, Inc. (PSE:RRHI), Ignacio Mamaril, Jr., Vicente Pang and other minority shareholders on January 1, 2024. On December 14, 2023, JG Capital recieved approval from the Monetary Board. On December 29, 2023, the Securities and Exchange Commission approved the merger between BPI and RBC, with BPI as the surviving bank.
Robinsons Retail Holdings, Inc. is a Philippines-based multiformat retailer. The Company's divisions include Supermarket, Department Store, Do-It-Yourself (DIY), Convenience Store, Drug Store and Specialty Store. The Supermarket division operates under five formats: Robinsons Supermarket, Robinsons Easymart, The Marketplace, Shopwise and No Brand. The Department Store division includes Robinsons Department Store, which offers local and international brands that are grouped into categories, such as shoes, bags and accessories (including beauty and personal care), ladies' and men's wear, children's wear, household items and others. The DIY division includes brands, such as Handyman Do it Best, True Value and True Home. The Convenience Store division operates Uncle John's, which is a 24-hour convenience store chain. The Drug Store division operates three formats: South Star Drug, Rose Pharmacy and TGP. The Specialty Store division is the lifestyle arm of the Company.
Bank of the Philippine Islands completed the acquisition of Robinsons Bank Corporation from JG Summit Capital Services Corporation and Robinsons Retail Holdings, Inc., Ignacio Mamaril, Jr., Vicente Pang and other minority shareholders.
ROBINSONS RETAIL HOLDINGS, INC. 
