Bank of the Philippine Islands acquires Robinsons Bank

Chicago, Dec. 20 – All of the liabilities of Robinsons Bank Corp. will be the responsibility of Bank of the Philippine Islands (BPI) when a merger between the two banks becomes effective Jan. 1, according to a notice.

The merger is on track, only waiting on approval from the Securities and Exchange Commission.

Robinsons is a Quezon City, Philippines-based lender 60% owned by conglomerate JG Summit Holdings, Inc. and 40% by supermarket company Robinsons Retail Holdings Inc. Bank of the Philippines is a lender based in Makati City, Philippines.

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