Export and Industry Bank, more popularly known as ExportBank, is now closed and has been put by the Bangko Sentral ng Pilipinas (BSP) under receivership effective today, April 27, 2012.
Yesterday, April 26, ExportBank informed the BSP that it is insolvent and might be unable to meet maturing obligations and may be forced to declare a bank holiday. The Monetary Board of the BSP swiftly issued a resolution placing the bank under receivership.
The Philippine Deposit Insurance Corp. (PDIC) has taken over the bank and promised depositors refunds will be issued upon complete verification and validation of bank records.