The Bank of the Philippine Islands (BPI) has agreed to acquire a 10% equity stake in Rizal Bank, a microfinance-oriented rural bank in Philippines, for an undisclosed sum.

Rizal Bank offers a range of financial services such as microfinance loans and savings to serve the “poorest of the poor.” The bank is a member institution of the CARD Mutually Reinforcing Institutions (CARD MRI).

Rizal Bank president and CEO Flordeliza Sarmiento said:  “Having BPI as our partner will open opportunities for us to expand and further improve our services for the socio-economically challenged families. This is consistent with our goal of reaching more families by providing a client-focused and financially inclusive products and services.”

Through the latest deal, BPI will become an exclusive local equity partner in CARD MRI.

BPI president and CEO Cezar Consing said: “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.”

The transaction is subject to the approval of Bangko Sentral ng Pilipinas.