MB Resolution No. 961 dated 31 July 2008, Placement of the G7 Bank, Inc. (Rural Bank of Nabua, Inc.) Under Receivership
MEMORANDUM NO. M-2008-023
To: All Banks and Non-Bank Financial Institutions
Subject: MB Resolution No. 961 dated 31 July 2008, Placement of the G7 Bank, Inc. (Rural Bank of Nabua, Inc.) Under Receivership
Notice is hereby given, that the Monetary Board, in its Resolution No. 961 dated 31 July 2008 decided to prohibit the G7 Bank, Inc. (Rural Bank of Nabua, Inc.) from doing business in the Philippines and to place its assets and affairs under receivership pursuant to Section 30 of R.A. No. 7653.
The Philippine Deposit Insurance Corporation has been designated as Receiver of the aforementioned rural bank.
For information and guidance.
NESTOR A. ESPENILLA, JR. Deputy Governor
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