<article>The <a style="color: #333399;" href="https://www.bpiexpressonline.com" target="_blank">Bank of the Philippine Islands (BPI)</a> has completed the acquisition of  <a style="color: #333399;" href="http://www.banko.com.ph/" target="_blank">BPI Globe BanKO</a>, a mobile phone-based savings bank in the Philippines.</article>

The <a style="color: #333399;" href="https://www.bpiexpressonline.com" target="_blank">Bank of the Philippine Islands (BPI)</a> has completed the acquisition of  <a style="color: #333399;" href="http://www.banko.com.ph/" target="_blank">BPI Globe BanKO</a>, a mobile phone-based savings bank in the Philippines.
According to BPI, all the conditions relating to the transactions with its parent firm <a style="color: #333399;" href="http://www.ayala.com.ph" target="_blank">Ayala Corp</a> and the conglomerate&#8217;s mobile carrier subsidiary <a style="color: #000080;">Globe Telecom Inc</a> have been completed on Tuesday.
BanKO is originally a joint venture firm of Ayala and Globe who sold their respective 20 per cent and 40 per cent stakes to BPI.
Financial details of the deal were not disclosed.
Established in 2009 as a milestone partnership between Ayala, BPI, and Globe Telecom, BanKO is leveraging on its combined assets in banking and telecommunications to promote financial inclusion for the country’s unbanked. It does so by offering loans to microfinance institutions (MFIs), such as rural banks, NGOs and cooperatives. The loans can be in the form of wholesale institutional loans and capability-building developmental loans.
BanKO reported that for the past two years, it has extended over P2B in loans to its partner MFIs, reaching over 400,000 micro-entrepreneurs in the Philippines.
Despite the change in shareholder structure, BanKO plans tocontinue providing broader and more competitive access to funds and critical financial services to the underbanked, as it has done in its five years of operation.
All three companies BPI, Globe, and Ayala increased their trading prices on Wednesday by 0.96 per cent, 0.80 per cent, and 0.58 per cent to close at P105.10, P2,010, P860, respectively.
Also Read:
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/philippines-landbank-ritemed-voyager-unveil-fintech-service-enabling-access-to-cheaper-medicines-53527/" target="_blank">Philippines: Landbank, RiteMed, Voyager launch fintech service for medical aid</a>

<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/philippines-former-dfa-exec-named-president-ceo-of-ayala-corp-unit-49063/" target="_blank">Philippines: Former DFA exec named president, CEO of Ayala Corp unit</a>
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/ayala-group-acquires-50-stake-in-ph-drugstore-chain-generika-9177/" target="_blank">Ayala Group acquires 50% stake in PH drugstore chain Generika</a>
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/ayala-land-acquires-51-stake-in-ph-conglomerate-popi-for-121m-10489/" target="_blank">Ayala Land acquires 51% stake in PH conglomerate POPI for $121m</a>

Philippines: BPI buys mobile phone-based savings bank from Ayala, Globe

Philippines: BPI buys mobile phone-based savings bank from Ayala, Globe

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

Philippines: BPI buys mobile phone-based savings bank from Ayala, Globe

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief