Merger of Philam Savings Bank with AIG Credit Card Company Philippines, Inc.

Senf. ina.

OFFICE OF THE DEPUTY GOVERNOR SUPERVISION AND EXAMINATION SECTOR

CIRCULAR - LETTER NO. CL -2006 - - 0 39

To FINANCIAL INSTITUTIONS ALL BANKS AND NON-BANK

Subject Merger of Philam Savings Bank with AIG Credit Card Company Philippines, Inc.

The Securities and Exchange Commission (SEC) approved on 27 September 2006 the Plan of Merger and Articles of Merger executed on 29 March 2006 (with amendments made to the .Pian of Merger on 05 September 2006)`by and between the PHILAM SAVINGS BANK (PASB Surviving Corporation) and AIG CREDIT CARD COMPANY PHILIPPINES, INC (AIGCCCPI -- Absorbed Corporation), whereby the entire assets and liabilities of AIGCCCPi will be transferred to and absorbed by PASB.The Surviving Corporation also chariged its corporate name from Philam Savings Bank to AIG Philarn Savings Bank.

The merger took effect on 01 October 2006.

For your information and guidance.

M

NESTOR A. YSPENILKA

Deputy Goverr{or

November 2006

PANANALAPING MATATAG, BANSANG PANATAG

A. Mabini St, Malate 1004 Manila, Phiippines Trunklir ie (632) 524-70-11 URL:vww.bsp.gov.ph : e-mait: [email protected]