MANILA, Philippines — Bank of the Philippine Islands is set to merge thrift bank subsidiaries BPI Direct BanKo Inc. and Legazpi Savings Bank Inc., citing the need to unlock capital efficiency. BanKo will be the surviving entity, the Ayala-led bank said in a disclosure to the Philippine Stock Exchange on Thursday. “A merger between the two BPI subsidiaries will result in a stronger and more resilient capital structure for the combined entity, leading to a more efficient use of capital,” the disclosure said. “Consolidating the two institutions is expected to support long-term sustainability, capital adequacy and operational flexibility.” In 2022, parent […]... Keep on reading: BPI BanKO, Legazpi Savings to merge