BPI Asset Management and Trust Corp., a wholly-owned subsidiary of Bank of the Philippine Islands, is set to commence operations next month after getting a license from Bangko Sentral ng Pilipinas.
BPI AMTC, formerly a trust division of BPI called BPI Asset Management and Trust Group, will operate as a stand-alone trust corporation beginning Feb. 1, 2017.
“Please be informed that the BPI Asset Management and Trust Group [BPI’s trust division] has been granted by the Bangko Sentral ng Pilipinas a license to operate as a stand alone trust corporation called BPI Asset Management and Trust Corp.,” the bank said in a disclosure to the stock exchange Monday.
“BPI AMTC [a wholly-owned subsidiary of BPI] will start operations on Feb. 1, 2017. There will be no change in the existing contracts, processes and investment management/operating teams,” the bank said.
BPI said with the stand-alone trust company, it was poised to take advantage of the growing asset management business in the country.