We refer to your letter dated March 3, 2023 requesting JG Summit Holdings, Inc. ("JGS") to clarify and/or confirm a news article entitled entitled “BPI-RBC merger may take effect this year” posted in Business World (Online Edition) on March 3, 2023. The article reported in part that:.
“BANK of the Philippine Islands’ (BPI) merger with Robinsons Bank Corp. (RBC) could take effect earlier than estimated as both parties expect to get all the necessary regulatory approvals within the year.
The listed lender’s merger with Robinsons Bank could be finalized as early as Oct. 1, earlier than the original estimate of Jan. 1, 2024, BPI President and Chief Executive Officer Jose Teodoro ‘TG’ K. Limcaoco told BusinessWorld on the sidelines of a central bank event last week.
‘We’ve given ourselves, optimistically, six months. So if that’s the case, we’ll look at Oct. 1,’ he said.
Mr. Limcaoco said though unlikely, the merger could even take effect as early as July 1 if the Bangko Sentral ng Pilipinas (BSP), the Philippine Competition Commission (PCC), and the Securities Exchange Commission (SEC) approve it within the first semester.
‘If we get the approval in July, August, or September, then it will be Oct. 1. If we get the approval in April or May, which I don’t think we will get, then it could be July 1,’ he said.
. . . .”
Upon advice received from BPI, JGS confirms the statements quoted in the subject news article that the BPI-RBC merger may take effect this year, earlier than previous estimate of 01 January 2024, if both parties are able to secure all the necessary approvals. |