MB Resolution No. 1631 dated 28 September 2017 - Prohibition of the Cabanatuan City Rural Bank, Inc. From Doing Business in the Philippines

BANGKO Senrnet. NG PILIPINAS OFFICE OF THE DEPUTY GOVERNOR SUPERVISION AND EXAMINATION SECTOR CIRCULAR LETTER NO. CL _20L7 - 059 To ALL BANKS AND NON-BANK FINANCIAL INSTITUTIONS Subject : MB Resolution No. 1631 dated 28 September 2OI7 Prohibition of the Cabanatuan City Rural Bank, lnc. From Doing Business in the Philippines Notice is hereby given that the Monetary Board, in its Resolution No. 163L dated 28 September 2OL7, decided to prohibit the Cabanatuan City Rural Bank, Inc., from doing business in the Philippines pursuant to Section 30 of Republic Act (R.A.) No. 7653 (The New Central Bank Act). The Philippine Deposit lnsurance 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 t2 (al of R.A. No. 3591 (PDIC Charter), as amended. For information and guidance. 28 September 2OI7 A. Mabinist., Maiate 1004 Manila, Philippines " (63217a8-i7a! s www.bsp.gov.ph " [email protected]