MANILA, Philippines — The planned consolidation between Ayala-led Bank of the Philippine Islands (BPI) and thrift bank subsidiary BPI Family Savings Bank (BFSB) is on track to be completed early next year as the consent of the bondholders are now being sought. In its maiden bond offering in December 2019, BFSB raised P9.6 billion via the issuance of bonds with a maturity of 2.5 years. We are able to also then have the branches all become BPI rather than have some BPI Family and some BPI,” Limcaoco said. The merger will also prime the listed bank to seize emerging opportunities and ultimately enhance the overall banking experience of customers. On the other hand, BPI Family Savings Bank is the country’s largest thrift bank with P286.3 billion in assets, P234.58 billion in deposits and P222.35 billion in loans as of end-2020.

Source: Philippine Star July 06, 2021 16:30 UTC