General Announcement::[Amend-2]Material Information/Transactions - BANKO & LSB MERGER - SEC APPROVAL

Issuer & Securities

Issuer/ Manager
BANK OF THE PHILIPPINE ISLANDS
Securities
BANKOFPHILISUS$500M5%N300407 - XS3035215261 - 1O4B
BANKOFPHISUS$300M5.625%N350407 - XS3035231110 - 95HB
BANKOFPHIISUS$400M5.25%N290326 - XS2787477277 - RFNB
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
28-Jul-2026 15:14:47
Status
New
Announcement Sub Title
[Amend-2]Material Information/Transactions - BANKO & LSB MERGER - SEC APPROVAL
Announcement Reference
SG260728OTHRD9QG
Submitted By (Co./ Ind. Name)
Erika Nicole O. Balagtas
Designation
Investor Relations Officer
Effective Date and Time of the event
28/07/2026 15:14:00
Description (Please provide a detailed description of the event in the box below)
The Bank of the Philippine Islands (BPI), in its Board Meeting dated 17 December 2025, authorized Management to pursue plans to merge BPI Direct BanKo, Inc., A Savings Bank (BanKo) and Legazpi Savings Bank, Inc. (LSB), with BanKo as the surviving entity, subject to the consideration and approval of their respective Boards of Directors and stockholders.

A merger between the two (2) BPI subsidiaries will result in a stronger and more resilient capital structure for the combined entity, leading to a more efficient use of capital. Consolidating the two institutions is expected to support long-term sustainability, capital adequacy, and operational flexibility. Further, the Merger is projected to deliver meaningful improvements in operational efficiency and overall client experience through: enhanced operational efficiency and material cost synergies; a unified governance and risk-management framework; and improved technological integration and digital capabilities. These enhancements are expected to elevate service quality across the merged organization's client base. It is likewise expected to optimize resource deployment and strengthen BPI Group's competitive position in key markets. The integration will therefore reinforce market presence and improve customer acquisition and retention for the merged bank.

In this regard, please be advised that Bangko Sentral ng Pilipinas, in its Monetary Board Resolution no. 604 dated 02 July 2026, and the SEC, through the issuance of the Certificate of Filing of the Articles and Plan of Merger dated 24 July 2026, approved the merger between BanKo and LSB, with BanKo as the surviving entity, subject to certain conditions.

The merger shall take effect on 01 October 2026.

The following regulators have also been duly informed of the same:
1. Philippine Stock Exchange (PSE)
https://edge.pse.com.ph/openDiscViewer.do?edge_no=996ce9a1ea421aad64d70b69f0a3140b
2. Philippine Dealing and Exchange Corporation (PDEx)

Attachments

Amend-2 SEC 17C - BanKo and LSB Merger - SEC Approval.pdf
Total size =1457K