Merger of International Exchange Bank with Union Bank of the Philippines
CIRCULAR LETTER NO. CL-2006-032
To: All Banks and Non-Bank Financial Intermediaries
Subject: Merger of International Exchange Bank with Union Bank of the Philippines
The Securities and Exchange Commission (SEC) approved on 28 August 2006 the Plan of Merger and Articles of Merger executed on 3 August 2006, by and between the UNION BANK OF THE PHILIPPINES (UBP - Surviving Corporation) and INTERNATIONAL EXCHANGE BANK (iBank - Absorbed Corporation), whereby the entire assets and liabilities of iBank will be transferred to and absorbed by UBP.
The merger took effect on 28 August 2006.
For your information and guidance.
MA. CORAZON J. GUERRERO Sector-in-Charge
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