MB Resolution No. 1819.A dated 8 November 2018 - Prohibition of the San Francisco Del Monte Rural Bank, Inc. From Doing Business in the Philippines

BANEKO SENTRAL NE PILIPINAS OFFICE OF THE DEPUW GOVERNOR FINANCIAT SUPERVISION SECTOR CIRCULAR LETTER NO. CL - 2018 . 076 To ALt BANKS AND NON-BANK FTNANCIAL INSTITUTIONS Subject : MB Resolution No. 1819.A dated 8 November2OLS Prohibition of the San Francisco Del Monte Rural Banlq lnc. From Doing Business in the Philippines Notice is hereby givdn that the Monetary Board, in its Resolution No. 1819.A dated 8 November 2OL8, decided to prohibit the San Francisco Del Monte Rural 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 rural bank in accordance with Section 12 (a) of R.A. No. 3591 (PDIC Charter), as amended For information and guidance. 8 November 2OLB A. Mabini 5t., Malate 1004 Manila, Philippines t (63217a8-7701. . www.bsp.gov.ph . [email protected]