GoTyme Bank’s Success in PH Leads to Buyout of BPI’s Minority Stake

In a significant move highlighting GoTyme Bank’s rapid success in the Philippines, major shareholders JG Summit and Tyme have announced the acquisition of Bank of the Philippine Islands’ (BPI) remaining minority shareholding in GoTyme Bank at a premium.

This transaction follows BPI’s minority stake acquisition in GoTyme Bank post its merger with Robinsons Bank earlier this year. The approval from the board of directors of JG Summit Capital Services Corp. and Tyme Group sets the stage for the buyout, pending regulatory clearance.

Within just 17 months of its launch, GoTyme Bank has attracted a substantial user base of 3 million customers, positioning itself as a key player in the digital banking sector.

The bank’s impressive rankings, including being named a top 4 bank in active Visa cards, top 4 bank in active users, third among finance apps, and seventh in Instapay transactions, underscore its rapid growth and market impact.

With a strong performance trajectory, GoTyme Bank anticipates achieving profitability faster than its sister bank, TymeBank South Africa, renowned for its rapid growth with 8.5 million customers by 2023.

Nate Clarke, CEO of GoTyme Bank, expressed enthusiasm about the buyout, stating, “The rapid growth we’ve experienced since our launch has garnered increased confidence from our major shareholders. The acquisition of BPI’s remaining minority stake by JG Summit and Tyme Group reinforces our position as a leading bank in the Philippines.”

This strategic move solidifies JG Summit Group’s role as the primary shareholder of GoTyme Bank, bolstering the bank’s journey towards becoming the premier financial institution in the country.

Lance Gokongwei, President and CEO of JG Summit Holdings, Inc., commended GoTyme Bank’s exceptional performance since its commercial debut in late 2022.

He emphasized the bank’s potential to revolutionize the financial services sector in the Philippines and reiterated JG Summit Group’s commitment to supporting GoTyme’s growth alongside Tyme Group.

As digital banking gains momentum among Filipinos, GoTyme Bank is well-positioned for continued expansion and success. The bank aims to extend its innovative banking solutions to a wider audience across the nation, catering to the evolving needs of customers seeking convenient and personalized financial services.

The acquisition of BPI’s remaining minority stake by JG Summit and Tyme Group marks a significant milestone for GoTyme Bank, solidifying its position as a key player in the Philippine digital banking landscape. This strategic move not only reflects the confidence of major shareholders but also underscores the bank’s rapid growth and success since its inception.

GoTyme Bank’s successful buyout of BPI’s minority stake signifies a pivotal moment in its journey towards becoming a leading digital bank in the Philippines.

With strong shareholder support, impressive user growth, and a commitment to innovation, GoTyme Bank is poised to shape the future of banking in the country and provide customers with cutting-edge financial solutions tailored to their needs.