Notice of Merger
Notice is hereby given to the creditors and depositors of the Bank of the Philippine Islands (“BPI”) and BPI Family Savings Bank, Inc. (“BFSBI”) (herein collectively referred to as the “Constituent Banks”) that the proposed merger between BPI and BFSBI, with BPI as the surviving entity, and the terms and conditions set forth in the related Plan of Merger have been approved by the: (a) Board of Directors and stockholders of BPI at their respective meetings held on 24 February 2021 and 22 April 2021; and (b) Board of Directors and stockholders of BFSBI at their respective meetings held on 24 February 2021 and 21 April 2021. The Constituent Banks have secured the consent of the Philippine Deposit Insurance Corporation on the proposed merger on 30 June 2021 and the approval of the Monetary Board in its Resolution dated 30 September 2021 as reflected in the letter of the Bangko Sentral ng Pilipinas dated 4 October 2021. The effectivity of the merger is subject to the approval of the Securities and Exchange Commission.
Except for the transfer of deposits of the depositors from BFSBI to BPI upon the effectivity of the Merger which will result in the BFSBI deposits to be subject to the terms and conditions applicable to the same types of BPI deposits, there shall be no change in the rights of depositors of the Constituent Banks in view of the Merger.
This announcement serves as a notice to all depositors and creditors concerned of the merger of BPI and BFSBI.
Download the Notice of the Merger here.