THE Philippine Competition Commission (PCC) has cleared the proposed merger between Ayala-led Bank of the Philippine Islands (BPI) and Gokongwei-led Robinsons Bank Corp. (RBC), with BPI as the surviving entity.
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The Bangko Sentral ng Pilipinas has slapped a P1 million fine against Ayala-led Bank of the Philippine Islands for failing to follow the rules on the disposition of treasury shares worth P33.04 billion arising from the consolidation of its thrift banking arm early last year.
Gokongwei-led Robinsons Bank Corp. has provided Filipinos with another avenue to save and grow their hard-earned funds with the launch of a unit investment trust funds.