MB Resolution No. 1518.A dated 11 November 2021 Prohibition of the Rural Bank of Karomatan (Lanao del Norte, Inc., From Doing Business in the Philippines

BANGKO SENTRAL NG PILIPINAS CIRCULAR LETTEFI NO. CL-2O2I-O89 OFFICE OF THE DEPUW GOVERNOR FINANCIAL SUPERVISION SECTOR To : ALL BANKS AND NON-BANK FINANCIAL INSTITUTIONS Subject : MB Resolution No.I5l8.A dated ll November 2O2l Prohibition of the Rural Bank of Karomatan (Lanao del Norte, Inc., From Doing Business in the Philippines Notice is hereby given that the Monetary Board, in its Resolution No. l5l8.A dated ll November 2c.21, decided to prohibit the Rural Bank of Karomatan (Lanao del Nortel, Inc., from doing business in the Philippines pursuant to Section 3O of Republic Act (R.A.) 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 R.A. No.359I (PDIC Charter), as amended. For information and guidance. CHI G. FONACIER ll November 20.21 t t ta t t' t.t. t a-ta a a ' . "