BSP Approved the Sale of BPI's Shareholdings in GoTyme Bank Corporation for P902.47 Million

Approval by the Bangko Sentral ng Pilipinas (BSP) on the sale of BPI’s shareholdings in GoTyme Bank Corporation (GoTyme Bank) in favor of GoTyme Financial Pte. Ltd. and Giga Investment Holdings Pte. Ltd.

On 20 March 2024, the Board of Directors of BPI approved the sale of its 752,056,290 common shares, representing all of its stake in GoTyme Bank, to GoTyme Financial Pte Ltd. (744,099,587 common shares) and Giga Investment Holdings Pte. Ltd., (7,956,703 common shares), respectively, at Php1.20 per share, subject to BSP approval. The shares of BPI in GoTyme Bank were acquired by BPI pursuant to the merger between BPI and Robinsons Bank Corporation (RBank) with BPI as the surviving bank.

On 1 April 2024, Deeds of Absolute Sale of Shares covering the abovementioned sale of GoTyme Bank shares were signed by the authorized representatives of BPI.

In its Resolution No. 1145 dated 03 October 2024, which was received by BPI on 09 October 2014, the BSP approved the abovementioned sale.

The sale is intended to address any potential conflict of interest created by the significant overlap in and similarity of product offerings of GoTyme Bank and BPI.

The terms and conditions of the transaction:

Number of shares to be acquired or disposed: 752,056,290
Percentage to the total outstanding shares of the company subject of the transaction: 15%
Price per share: P1.20 per share
Cash in the total amount of approximately P902.47 million

GoTyme Bank is a joint venture of Tyme Investments Pte. Ltd. with members of the JG Summit Group and Robinsons Retail Holdings, Inc. and is one of the six banks with a digital banking license from the Banko Sentral ng Pilipinas. The subject of the sale is the 752,056,290 common shares held by BPI in Gotyme Bank, which comprise approximately 15% of the outstanding capital stock of GoTyme Bank and which were acquired by BPI as the successor-in-interest of RBank upon the effectivity of the merger between BPI and RBank.