BPI gets BSP approval to sell GoTyme stake

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AYALA-LED Bank of the Philippine Islands (BPI) has received Bangko Sentral ng Pilipinas approval to sell its shareholdings in digital bank GoTyme to Singapore-incorporated firms GoTyme Financial Pte. Ltd. and Giga Investment Holdings Pte. Ltd.

In a disclosure, BPI said that it had received BSP Resolution 1145 on Wednesday, which approved the sale of 752,056,290 shares in GoTyme for P1.20 apiece or approximately P902.47 million.

BPI said the sale was intended to address any “potential conflict of interest created by the significant overlap in and similarity of the product offerings of GoTyme Bank and BPI.”

In a March disclosure, BPI said that GoTyme Financial Pte. Ltd. had bought 744,099,587 common shares while Giga Investment Holdings Pte. Ltd. bought 7,956,703 common shares.

In April, BPI signed deeds of absolute sale for its GoTyme stake in favor of GoTyme Financial and Giga Investments.

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BPI acquired 15 percent of GoTyme as part of a merger with Gokongwei-owned Robinsons Bank Corp. last year.

GoTyme, a joint venture between the Gokongwei Group and Singapore-based Tyme Investments Pte. Ltd., holds one of six digital banking licenses issued by the BSP.

In August, GoTyme reached P19 billion in deposits, driven by a customer base surging from 300,000 to 4 million. It claimed to be on track to achieve a year-end deposit target of P20 billion and 5.2 million in customers.

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