Philippines’ BPI to merge with smaller Robinsons Bank

MANILA, Sept 30 (Reuters) – The Philippines’ oldest lender said on Friday it is merging with a smaller commercial bank to expand its client base and fast-track growth.

In a disclosure, Bank of the Philippine Islands (BPI) said it will be the surviving entity merging with unlisted Robinsons Bank. Stockholders of Robinsons Bank will own around 6% of BPI, it added.

(Reporting by Neil Jerome Morales)