The Bank of the Philippine Islands or BPI on Tuesday announced its initial plan to sell shares for sale to the public and foreign investors after completing a merger with Robinsons Bank Corporation.

The BPI, the surviving entity, said its total issued and outstanding shares increased from 4,945,197,291 as of end-December last year to 5,259,201,283 common shares as of 1 January.

This includes BPI common shares of 314,003,992 or 6 percent of the resulting outstanding common shares its board decided to add in support of the merger.

In a statement to the Philippine Stock Exchange, BPI said 51.28 percent was set for public float and 19.73 percent for foreign ownership.

"Please be advised that the public float and foreign ownership levels are still subject to change once information is available," BPI stressed.

The statements came after the Securities and Exchange Commission approved the merger on 29 December for its effectivity on the first day of 2024.

Previously, BPI also received the green light from the Philippine Competition Commission in March and the Bangko Sentral ng Pilipinas in December.

Upgraded services vowed

Through the merger, Ayala-led BPI said clients of Gokongwei's Robinsons Bank can experience upgraded products and services.

"The merger will unlock various synergies across several products and service platforms, expand the customer and deposit base of both banks through the merged entity, and, at the same time, by capitalizing on BPI's expertise and network, enhance the overall banking experience of Robinsons Bank customers," BPI said.

Robinsons Bank Corp. has three subsidiaries, namely its thrift arm Legazpi Savings Bank Inc., Unicon Insurance Brokers Corporation, and fintech arm GoTyme Bank Corporation.