The sale was worth P902.5 million, which values GoTyme bank at around P6.2 billion.
“The 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,” the Ayala-led lender said in a stock exchange filing on Tuesday.
The disclosure showed the deed of sale was signed on April 1 this year.
BPI assumed a 15-percent stake in GoTyme — owned by JG Summit Holdings, Robinsons Retail Holdings and Tyme Investments — after completing its merger and takeover of the Gokongwei family’s Robinsons Bank.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
