John Gokongwei gearing up to convert Robinsons Bank into a unibank
Robinsons Bank has secured the approval of the Securities and Exchange Commission to jack up its authorized capital to P27 billion from P15 billion in line with its goal to upgrade to universal banking.
JG Summit Capital Services Corp. and Robinsons Retail Holdings Inc. (RRHI) subscribed to at least 25% of the increase equivalent to P3 billion, and paid the amount in full.
Out of the increase in capital, RRHI purchased 120 million shares or 40 percent of the bank for P1.2 billion. JG Summit Capital Services Corp. also subscribed to the bank’s shares.
The increase will allow Robinsons Bank to issue new shares to current stockholders by way of a stock rights offering and undertake an initial public offering.
With an enlarged capital, Robinsons Bank will be in a position to apply for universal bank license. The Bangko Sentral ng Pilipinas requires a minimum capital of P20 billion for universal banks.
Robinsons Bank is the surviving entity between the merger of Robinsons Savings Bank and Robinson’s Bank Corp. (formerly known as The Royal Bank of Scotland (Phils.) as approved by the BSP in December 2010 and by the SEC in May 2011.
In the first nine months of 2018, Robinsons Bank grew its net income by 23 percent to P293.3 million on the back of a 32 percent jump in revenues to P4.27 billion. The growth was driven by higher interest income from finance receivables.