General Announcement::PDIC consent on BPI and BFSBI merger, subject to certain conditions

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
12-Jul-2021 13:24:48
Status
New
Announcement Sub Title
PDIC consent on BPI and BFSBI merger, subject to certain conditions
Announcement Reference
SG210712OTHR12LG
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)
The Philippine Deposit Insurance Corporation (PDIC) letter dated July 6, 2021, has granted its consent to the proposed merger of BPI and BPI Family Savings Bank Inc. (BFSBI), with BPI as the surviving entity, subject to the following conditions:
1. Monetary Board (MB) approval of the proposed transaction;
2. The PDIC s consent shall be valid as long as the MB approval is in effect; and
3. Submission by BPI and BPI Family of notarized certifications to PDIC, within five (5) business days from receipt of the MB approval, that:
a. their respective depositors and creditors have been duly notified of the approved merger and the full implication of the merger on: (a) the deposit liabilities of BPI and BFSBI and (b) the rights of the depositors; and
b. the BPI and BFSBI have sufficient liquid funds to cover possible withdrawals of depositors.

This disclosure also includes updates on:
1. Subject of the Disclosure
2. Background/Description of the Disclosure
3. Other Relevant Regulatory Agency
4. Description of the transaction
5. Timetable
6. Conditions precedent to closing of the transaction
7. Changes in the list of Board of Directors of BPI Family based on the results of ASM held on May 19, 2021

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=3ffb364afd779b8d5d542af6f1e997b9
3. Philippine Dealing and Exchange Corporation (PDEx)

Attachments

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