BPI BanKo, Legazpi Savings Bank merger takes effect Oct. 1 after regulatory approval

SEC and BSP approve the merger, with clients assured that banking services and accounts will continue as usual.

BPI Direct BanKo and Legazpi Savings Bank clients are assured of “business as usual” amid the two thrift banks’ merger, which is set to take effect on October 1.

The merger, first announced on December 18, 2025, secured regulatory approval from the Securities and Exchange Commission and the Bangko Sentral ng Pilipinas earlier this month, BPI said in a disclosure to the Philippine Stock Exchange on July 28.

BanKo will absorb LSB’s assets and continue as the surviving entity starting October 1. With a new total asset value of ₱72 billion, BanKo is set to become the country’s sixth-largest thrift bank after the merger. The move is meant to bolster long-term sustainability, capital adequacy, and operational flexibility.

LSB encouraged clients to continue transacting at their local branches, assuring them that their accounts will remain the same. Following the merger, LSB said certain deposit products may be harmonized with BanKo, while loan agreements will continue to be honored.

“At this time, it is business as usual and no change or action is needed on your part while we work on making your transition to BanKo as smooth as possible,” LSB said in an online advisory.

BanKo also informed clients that no actions or changes are needed on their part.

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