MANILA, Philippines — Zobel family-led Bank of the Philippine Islands (BPI) will unload all of its 15-percent stake in Gokongwei-backed GoTyme Bank Corp. for P902.47 million, citing the need to address “potential conflict of interest.”
BPI—which acquired 20 percent of GoTyme as part of its merger with Robinsons Bank Corp.—said the sale to GoTyme Financial Pte Ltd. and Giga Investment Holdings Pte Ltd. involved 752.06 million shares at P1.20 each.
“The sale was 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 Ayala Group’s banking arm said in a stock exchange disclosure on Thursday.
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JG Summit Capital Services Corp., a wholly owned subsidiary of JG Summit Holdings, is the majority shareholder of GoTyme Financial.
The sale is subject to the approval of the Bangko Sentral ng Pilipinas, according to BPI.
BPI officially took over Robinsons Bank this year via a P32-billion merger.
BPI issued 314 million common shares, equivalent to a 6-percent stake, to JG Summit and Robinsons Retail Holdings to acquire Robinsons Bank, making the Gokongwei family among the largest shareholders in BPI.