JG Summit president and CEO Lance Gokongwei says banking is a 'scale game' and merging with Ayala's BPI can give Robinsons Bank the boost.
MANILA, Philippines – The Ayala-led Bank of the Philippines is set to merge with the Gokongwei-led Robinsons Bank Corporation , the companies announced on Friday, September 30.The deal involves RBC shareholders holding approximately 6% of the resulting outstanding capital stock of BPI after the merger.
JG Summit president and chief executive officer Lance Gokongwei said that the merger was born out of a review of its strategic options, adding that “banking is a scale game and will continue to require additional capital for growth.”
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