Robinsons Retail to buy 4.4% stake in BPI
Robinsons Retail will purchase 4.4% interest in the Bank of the Philippine Islands.
The move follows after BPI announced its merger with Robinsons Bank last September 2022. BPI will be the surviving entity of the merger, which is reportedly set to be completed by end-2023.
Robinsons Retail will directly purchase a 3.3% equity interest in BPI, and an additional 1.1% of BPI outstanding shares via acquiring preferred shares in Liontide.
In a press release, Robinsons said that its board of directors approved the purchase of 4.4% effective equity interest of Arran Investment in BPI. Arran Investment is an affiliate of GIC Private Limited.
Through redeemable preferred shares, GIC via Arran currently holds 21.9% of Liontide Holdings, which in turn has a 20% equity in BPI. As part of the transaction, Arran will redeem a portion of these shares.