MB Resolution No. 1808.A dated 13 October 2016: Prohibition of the Sampaguita Savings Bank, Inc. From Doing Business in the Philippines

BANCKo SeNrnIL NG PILIPINAs OFFICE OF THE DEPUTY GOVERNOR SUPERVISION AND EXAMINATION SECTOR CIRCULAR LETTER NO. CL -2076 - 085 To ALt EANKS AND NON.BANK FINANCIAL INSTITUTIONS Subject : MB Resolution No. 1808.A dated 13 October 2016 Prohibition of the Sampaguita Savings Bank,Inc. From Doing Business in the philippines Notice is hereby given that the Monetary Board, in its Resolution No. 1808.A dated 13 october 2016, decided to prohibit the sampaguita savings Bank, Inc., from doing business in the Philippines pursuant to Section 30 of Republic Act (R.A.) No. 7553 (The New Central Bank Act). The Philippine Deposit Insurance Corporation has been designated as Receiver with a directive to proceed with the takeover and liquidation of the aforementioned thrift bank in accordance with Section 12 (a) of R.A. No. 3591 (pDtC Charter), as amended. For information and guidance. Sector-ln-Charg 13 October 2016 A. Mabini St., Malate 1i104. Manila, Philippines . (632) 708-7701 . www.bsp.gov.ph r [email protected]