General Announcement::PCC Opinion pertaining to the Proposed Merger of BPI and BFSBI

Issuer & Securities

Issuer/ Manager
BANK OF THE PHILIPPINE ISLANDS
Securities
BANKOFPHILIS US$600M4.25%N2309 - XS1841618421 - FNDB
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
15-Jul-2021 09:39:50
Status
New
Announcement Sub Title
PCC Opinion pertaining to the Proposed Merger of BPI and BFSBI
Announcement Reference
SG210715OTHRLLBG
Submitted By (Co./ Ind. Name)
Maria Ramona O. Ang
Designation
Investor Relations Officer
Description (Please provide a detailed description of the event in the box below)
In response to BPI and BFBSI request for confirmation of non-coverage from the compulsory notification filing under Section 17 of the Philippine Competition Act, the Philippine Competition Commission (PCC), in its letter dated 25 May 2021, indicated that it appears that the BPI and BFB merger ("transaction") qualifies as an internal restructuring and is exempt from compulsory notification. PCC also indicated that the acknowledgment is based solely on the facts and circumstances disclosed and shall not prevent the PCC from commencing a motu proprio review of the transaction should the facts turn out to be different than what was represented before the Mergers and Acquisitions Office ( MAO ) or PCC.

This disclosure also includes updates on:
1. Subject of the Disclosure
2. Background/Description of the Disclosure
3. Other Relevant Regulatory Agency

The ff. regulators have also been duly informed of the same:
1. Philippine Securities and Exchange Commission (SEC)
2. Philippine Stock Exchange (PSE)
https://edge.pse.com.ph/openDiscViewer.do?edge_no=89b0321c6c7180715d542af6f1e997b9
3. Philippine Dealing and Exchange Corporation (PDEx)

Attachments

Plan of Merger.pdf
Annex A - Articles of Merger for SEC.pdf
Total size =5494K