The board of directors of Bank of the Philippine Islands, Robinsons Bank Corp., Robinsons Retail Holdings and JG Summit Capital Services Corp. in each of their respective meetings Friday approved an agreement for the merger of BPI and Robinsons Bank Corp.

BPI will emerge as the surviving entry, it said in a statement.

Robinsons Bank shareholders will hold about six percent of BPI's resulting capital stock.

The parties hope to complete the merger for the end of 2023.

''We are excited about this transaction and believe that this merger exemplifies BPI's strategic effort to expand its client base, accelerate growth and ultimately increase shareholder value through partnerships with the Gokongwei Group. We plan to effect a smooth transition and integration of RBC and its customers into BPI,'' said BPI President and CEO Jose Teodoro Limcaoco. DMS