AYALA-LED Bank of the Philippine Islands (BPI) on Tuesday announced it is acquiring a minority equity stake in microfinance-oriented Rizal Bank Inc. (RBI) as part of its vision to be the leading bank with strong focus on financial inclusiveness and sustainable growth.
RBI, a member institution of CARD Mutually Reinforcing Institutions (CARD MRI), is a microfinance-oriented rural bank with more than 120,000 clients served nationwide.
CARD MRI is a group of 14 social development organizations which specializes in microfinance, microinsurance, business development, education, information technology, pharmacy, and community development.
“BPI’s partnership with RBI reaffirms BPI’s vision to be the leading bank with strong focus on financial inclusiveness and sustainable growth. RBI’s emphasis on forging trust and building relationship with its clients is aligned with BPI’s own customer-centric efforts,” BPI president and chief executive officer Cezar Consing said in a statement.
The partnership makes BPI the exclusive local equity partner in CARD MRI Banking Group and deepens its reach in the microfinance space, benefitting more unserved and underserved Filipinos.
The equity investment, including the final terms and conditions, is subject to the approval of the Bangko Sentral ng Pilipinas.
For its part, RBI said having BPI as its partner will open opportunities for them to expand and further improve their services for the poor.
“This is consistent with our goal of reaching more families by providing client-focused and financially inclusive products and services,” RBI’s president and chief executive officer Flordeliza Sarmiento said.
“It is part of our mission to partner with institutions with the same goals as CARD MRI. Together with BPI and other partners and stakeholders that we currently have right now, we will continue to pursue our goal of creating a financially inclusive and poverty-free Philippines,” said CARD MRI founder and managing director Dr. Jaime Aristotle Alip.