The Bank of the Philippine Islands (BPI) is set to assume full ownership of BPI Globe BanKO (BanKO), a mobile-based savings bank which is a joint venture between Ayala, Globe Telecom and BPI.

At present, BPI and Ayala hold a 40% stake each in the mobile bank, while Globe Telecom has a 20% holding. BPI will raise its stake in the bank by acquiring the shares of Globe and Ayala.

Following the completion of the takeover, BanKO will become a wholly-owned and managed subsidiary of BPI.

BanKO, set up five years ago, provides critical financial services to the underbanked population through broader and more competitive access to funds.

BPI president and CEO Cezar Consing commented: "Globe and Ayala have helped lay the groundwork for the very important task of engaging and serving more Filipinos.

"Over the next few months, we will be in the process of transitioning BanKO within the BPI group and it is our goal to continue providing the highest level of service during this time."