The Bank of the Philippine Islands (BPI) announced the sale of its 15% stake in digital bank GoTyme for PHP 902.47 million.
The decision to sell was made to address potential conflicts of interest arising from similar product offerings between BPI and GoTyme Bank.
The transaction, which received approval from the Bangko Sentral ng Pilipinas (BSP) on 3 October 2024, involved BPI divesting its 752,056,290 common shares in GoTyme Financial and Giga Investment Holdings at Php 1.20 per share.
Of these, 744,099,587 shares were sold to GoTyme Financial, while 7,956,703 shares went to Giga Investment Holdings.
BPI originally acquired these shares through its merger with Robinsons Bank Corporation (RBank).
The sale was finalised on 1 April 2024, with the BSP’s approval received on 9 October 2024.
GoTyme Bank is a joint venture between Tyme Investments, members of the JG Summit Group, and Robinsons Retail Holdings, and is one of six licensed digital banks in the Philippines.
BSP recently announced plans to allow up to ten digital banks in the Philippines starting in 2025.
