Establishment of branches/other offices of thrift banks and national cooperative banks

CIRCULAR NO. 369 Series of 2003

Pursuant to Monetary Board Resolution No. 123, dated 23 January 2003, Section 3.b of Circular No. 340 dated 30 July 2002 is hereby amended, to read as follows:

"b.  For thrift banks and national cooperative banks:

i.    A thrift bank or national cooperative bank, which have complied with the minimum capital applicable to them may establish branches/other offices on a nationwide basis: Provided, That in the case of a thrift bank with head office outside the National Capital Region (NCR), it may establish a branch/other office in the NCR only after it has put up the minimum capital requirement for a new thrift bank in the NCR."

This Circular shall take effect immediately.

FOR THE MONETARY BOARD:

RAFAEL B. BUENAVENTURA Governor