MB Resolution No. 1920.A dated 22 November 2012 - Placement of the Siam Bank (A Rural Bank), Inc. Under Receivership
MEMORANDUM NO. M-2012-053
To: All Banks and Non-Bank Financial Institutions
Subject: MB Resolution No. 1920.A dated 22 November 2012 - Placement of the Siam Bank (A Rural Bank), Inc. Under Receivership
Notice is hereby given that the Monetary Board, in its Resolution No. 1920.A dated 22 November 2012, decided to prohibit the Siam Bank (A Rural Bank), Inc. from doing business in the Philippines and to place its assets and affairs under receivership pursuant to Section 30 of Republic Act (R.A.) No. 7653 (The New Central Bank Act).
The Philippine Deposit Insurance Corporation has been designated as Receiver of the aforementioned rural bank.
For information and guidance,
NESTOR A. ESPENILLA, JR. Deputy Governor
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