philippine bank

For sale: Philippine Bank of Communications (PBCom)

Anyone interested to buy the Philippine Bank of Communications (PBCom)?

PBCom, a minor player in the Philippine banking industry, is again up for rebidding with the Macquarie Group already sending out invitations to other banks to submit a bid proposal.

The sale is part of the bank’s agreement with the Philippine Deposit Insurance Corporation (PDIC) to divest a majority of its shares following the bank’s rehabilitation in 2004 wherein the PDIC extended P7.6 billion worth of financial assistance to PBCom.

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Banco Filipino closes, blames BSP for bank holiday

And we all thought they were “Subok na Matibay, Subok na Matatag.”

Several branches of Banco Filipino were closed today, March 15 — the second time the troubled bank declared a bank holiday in 26 years.

The bank admitted they are recently experiencing “heavy withdrawals” and blamed the country’s Central Bank for “orchestrating” a smear campaign against them.

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BSP closes 9 more rural banks

Nine more rural banks in the Philippines were closed by the Bangko Sentral ng Pilipinas (BSP) before the year 2009 ended.

As per the announcement of the BSP’s Monetary Board, the following rural banks were prohibited from doing business in the Philippines and its assets and affairs placed under receivership pursuant to Section 30 of R.A. No. 7653.

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Closed by the BSP: Philippine Farmer’s Bank

Following recent closures of  rural banks in the Philippines particularly that of the Legacy Group, the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) again placed one rural bank under receivership.

Effective September 18, the Philippine Deposit Insurance Corp. (PDIC) will take over The Philippine Farmer’s Bank.

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