{"id":329927,"date":"2024-10-15T10:53:43","date_gmt":"2024-10-15T02:53:43","guid":{"rendered":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/?p=329927"},"modified":"2024-10-15T10:57:34","modified_gmt":"2024-10-15T02:57:34","slug":"trade-the-news-bpi-secures-bsp-approval-to-sell-stake-in-gotyme","status":"publish","type":"post","link":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/trade-the-news-bpi-secures-bsp-approval-to-sell-stake-in-gotyme\/","title":{"rendered":"Trade the News: BPI secures BSP approval to sell stake in GoTyme"},"content":{"rendered":"\n
Potential Impact of this News<\/strong><\/td>POSITIVE on the stock price<\/strong><\/td><\/tr>
Company<\/strong><\/td>Bank of the Philippine Islands<\/td><\/tr>
Stock Code<\/strong><\/td>BPI<\/td><\/tr>
Long-term Recommendation on the Stock<\/strong><\/td>Hold<\/td><\/tr>
1-Year Target Price<\/strong><\/td>PHP 141.94<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
<\/div>\n\n\n\n

Bank of the Philippine Islands (BPI) has received formal approval from the Bangko Sentral ng Pilipinas (BSP) for the sale of its 15 percent stake in GoTyme Bank Corp.<\/p>\n\n\n\n

The transaction, which transfers BPI\u2019s stake to GoTyme Financial Pte. Ltd. and Giga Investment Holdings Pte. Ltd., was approved by the central bank through its Resolution 1145 on Oct. 3.<\/p>\n\n\n\n

BPI received the notice of approval from the BSP on Oct. 9, effectively granting BPI the green light to exit its investment in the digital banking venture.<\/p>\n\n\n\n

\u201cAfter the sale, BPI will have no shareholdings in GoTyme Bank,\u201d BPI said.<\/p>\n\n\n\n

Earlier in March, BPI announced the sale of its 752 million common shares, representing all of its stake in GoTyme Bank. The bank sold 744 million common shares to GoTyme Financial and 7.96 million shares to Giga Investment Holdings.<\/p>\n\n\n\n

The transaction was priced at P1.20 per share or P902.47 million in total. The bank said the selling prices were determined based on negotiations between the parties involved.<\/p>\n\n\n\n

\u201cThe sale is intended to address any potential conflict of interest created by the significant overlap in and similarity of product offerings of GoTyme Bank and BPI,\u201d the Ayala-led bank said.<\/p>\n\n\n\n

BPI acquired shares in GoTyme Bank following its merger with Robinsons Bank Corp. last year.<\/p>\n\n\n\n

The merger led to the Gokongwei Group as BPI\u2019s second-largest shareholder, following the Zobel family. According to its recent ownership filing, JG Summit Capital and Robinsons Retail Holdings hold about nine percent of BPI\u2019s shares.<\/p>\n\n\n\n

A collaboration between the Gokongwei Group and Tyme Group, GoTyme Bank is one of the six digital banks licensed to operate in the Philippines.<\/p>\n\n\n\n

(News Source: Philippine Star<\/a>)<\/em><\/p>\n\n\n\n

<\/div>\n\n\n\n

This report is prepared by PinoyInvestor\u2019s partner broker below. Find out more about our partner brokers<\/a> and sign up to avail their complete trading brokerage services.<\/em><\/em><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Take advantage of the price opportunity that might arise when the news hits. Trade the news!<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1371],"tags":[],"class_list":["post-329927","post","type-post","status-publish","format-standard","hentry","category-trade-the-news","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"_links":{"self":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/329927","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/comments?post=329927"}],"version-history":[{"count":2,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/329927\/revisions"}],"predecessor-version":[{"id":329933,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/posts\/329927\/revisions\/329933"}],"wp:attachment":[{"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/media?parent=329927"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/categories?post=329927"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pinoyinvestor.com\/smartinvestor\/wp-json\/wp\/v2\/tags?post=329927"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}