Policy allowing buyers of closed banks to relocate/transfer the branch licenses of the acquired clos

CIRCULAR NO. 293 Series of 2001

To:   All Banks

The Monetary Board, in its Resolution No. 1125 dated July 19, 2001, approved a policy allowing buyers of closed banks to relocate/transfer the branch licenses of the acquired banks under the following terms and conditions:

Existing branch licenses in Metro Manila can be relocated anywhere in Metro Manila, in other provincial areas or in other areas other than Metro Cebu and Metro Davao;

Existing branch licenses in Metro Cebu can be relocated anywhere in Metro Cebu, in other provincial areas or in other areas other than Metro Manila and Metro Davao;

Existing branch licenses in Metro Davao can be relocated anywhere in Metro Davao, in other provincial areas or in other areas other than Metro Manila and  Metro Cebu; and

Existing branch licenses in provincial areas can be relocated anywhere in other provincial areas.

This Circular shall take effect immediately.

FOR THE MONETARY BOARD:

RAFAEL B. BUENAVENTURA Governor