BPI cements minority stake in Rizal Bank
MAKATI CITY, Philippines–Bank of the Philippine Islands (BPI) signed the shareholder agreement with Rizal Bank, Inc. and Center for Agriculture and Rural Development (CARD), Inc., formally sealing BPI’s minority equity stake purchase in Rizal Bank. The ceremony was prompted by the approval of the Bangko Sentral ng Pilipinas (BSP) of the transaction.
In line with BPI’s goal to widen its reach in the microfinance sector, this partnership will open more opportunities for microentrepreneurs and the unbanked sector.
“Our partnership with Rizal Bank is testimony of our objective of serving more microentrepreneurs. For BPI, growth of assets and net income must be accompanied by increasing financial inclusion,” BPI President & CEO Cezar P. Consing said.
The financial institutions signed a share purchase agreement back in August 23, 2016, which made BPI the exclusive local equity partner of CARD.
Bank of the Philippine Islands (BPI) and Center for Agriculture and Rural Development (CARD) sign the shareholder agreement that formally sealed BPI’s minority equity stake purchase in Rizal Bank. Leading the signing were: BPI President and CEO Cezar P. Consing (7th from left); BPI Family Savings Bank President Natividad Alejo (6th from left); CARD Chairman and Managing Director Dr. Jaime Aristotle Alip (8th from left); and Rizal Bank Chairman Flordeliza Sarmiento (9th from left).
ABOUT BANK OF THE PHILIPPINE ISLANDS
At 165 years, BPI is the first bank established in the Philippines and in Southeast Asia. We are licensed as a universal bank by the Bangko Sentral ng Pilipinas to provide a diverse range of financial services: deposit taking and cash management, payments, lending and leasing, asset management, bancassurance, investment banking, securities brokerage, and foreign exchange and capital markets. BPI has significant financial strength, with robust Tier 1 capital adequacy ratios and profitability, underpinned by a stringent compliance and risk management regimes. BPI has investment-grade ratings of BBB- (Fitch), Baa2 (Moodys), and BBB (Capital Intelligence).