MB Resolution No. 1587.C dated 25 November 2021 Prohibition of the Masantol Rural Bank, Inc., From Doing Business in the Philippines
BANGKO SENTRAL NG PILIPINAS CIRCULAR LETTEFI NO. CL-2O21-O94 OFFICE OF THE DEPUTY GOVERNOR FINANCIAL SUPERVISION SECTOR To : ALL BANKS AND NON-BANK FINANCIAL INSTITUTIONS Subject : MB Resolution No. t587.C dated 25 Novembet 2OA Prohlbition of the Masantol Rural Bank,Inc., From Doing Business in the Philippines Notice is hereby given that the Monetary Board, in its Resofution No. I587.C dated 25 November 20.21, decided to prohibit the Masantol Rural Bank,Inc., from doing business in the Philippines pursuant to Section 30 of Republic Act (RA.) No. 7653 (The New Central Bank Act), as amended. The Philippine Deposit Insurance Corporation has been designated as Receiver with a directive to proceed with the takeover and liquidation of the aforementioned rural bank in accordance with Section 12 (a) of RA. No.359l (PDIC Charterl, as amended. For information and guidance. G. FONACIER 25 November 2O2l
More in BSP Circular Letters
- Approval by the Securities and Exchange Commission of the Plan of Agreement and Articles of Consolidation of One Network Rural Bank, Inc, and Rural Bank of New Corella (Davao del Norte), Inc. to be known as One Network Bank, Inc. (A Rural Bank)(BSP Circular Letter No. CL-2011-069)
- Voluntary Surrender of License to Operate as a Non-Stock Savings and Loan Association (NSSLA) of Shell Refinery Employees Savings and Loan Association, Inc.(BSP Circular Letter No. CL-2021-046)
- Circular Letter - Anti-Money Laundering Council (AMLC) Resolution No. 105 dated 16 September 2011(BSP Circular Letter No. CL-2011-072)
- Business Continuity Plan(BSP Circular Letter No. CL10032001)
- Acceptance of Old Central Bank Coins for Replacement/Exchange pursuant to BSP Circular No. 81, Series of 1995(BSP Circular Letter No. CL01071997)
- To require all banks/NBQBs to submit to BSP, preferably in electronic copy, the duly accomplished revised bio-data sheet of all their directors/officers on or before 28 February 2001(BSP Circular Letter No. CL01092001)
- Clarifications to Paragraph No. 1 of BSP Circular-Letter dated 5 September 1997(BSP Circular Letter)
- Reminder on Strict Compliance with the Prevailing Regulations on Credit Cards and Financial Consumer Protection, and the Implementing Rules and Regulations of Section 4 (aa) of Republic Act No. 11649 or The Bayanihan to Heal as One Act and Section 4 (uu)(BSP Circular Letter No. CL-2021-008)
Want an analysis of this document?
Ask ASG Legal AI to summarize it, compare it with other rulings, or explain how it applies to your situation — it researches from this same library.