BPI to further digital after merger

The Bank of Philippine Islands (BPI) will invest more on digitalization for 2022, following its merger with BPI Family Savings Bank (BFSB), a high ranking official from the Bank said.

Owen Cammayo, vice president and corporate affairs group head at the BPI said while the Bank will continue to invest both in traditional and digital banking processes, the latter will receive a slight nudge in 2022.

“Phygital strategy still. So, branches will remain, albeit more optimized relative to the times,” Cammayo told the Daily Tribune.

“Relative to 2021, yes–a bit higher,” he added.

According to him, part of the merger with the BFSB is the “integration of manpower and branches to OneBPI”–which will then allow the Bank’s clients to  experience superior customer service with the combined power of the merged institutions’ physical network and digital capabilities.

In an earlier statement, BPI will be the surviving entity upon the completion of the merger, activities after which will begin in the first quarter of 2022.

In its disclosure to the local bourse, the Bank said this recent move was among its key initiatives to future-proof the institution.

BPI President and CEO TG Limcaoco earlier said the merger will allow the Bank to lead the economic turnaround towards a better and sustainable Philippines.

Bangko Sentral (BSP) Governor Benjamin Diokno earlier said that they will not impose an ideal number of players in the local banking system but rather aim to keep financial stability.

“In light of this objective, the BSP has long advocated for mergers, consolidations and acquisitions among banks,” Diokno said.

The BSP chief said such tactics will help establish stronger and more resilient banking institutions that are adaptive to the ever changing financial environment.