Major shareholders JG Summit and Tyme Group have announced the repurchase of Bank of the Philippine Islands’ (BPI) minority shareholding in digital bank GoTyme Bank, which attracted 3 million users within 17 months of its launch.
The buyout plan received approval from the board of directors of JG Summit Capital Services Corp. and Tyme Group, pending regulatory clearance. GoTyme Bank merged with Robinsons Bank in January 2024.
READ:
GoTyme promotes financial inclusion with ‘phygital’ approach
GoTyme Bank partners with Keyrus for dynamic data visualization
“We believe that the JG Summit Group re-establishing itself as the largest shareholder of GoTyme Bank puts us in an even stronger position on our journey to become the number one bank in the Philippines,” said Nate Clarke, CEO, GoTyme Bank.
“GoTyme Bank’s performance since its commercial launch in late 2022 has exceeded our expectations and increased our confidence that it will drive a significant improvement to how customers experience financial services in the Philippines,” said Lance Gokongwei, president and CEO of JG Summit Holdings Inc. “Along with our partner Tyme Group, the JG Summit Group will continue to provide the required support and investment to make GoTyme a game changer in the Philippine market.”