MB Resolution No. 660.A dated 02 May 2019 Prohibition of The Palawan Bank (Palawan Development Bank), Inc. From Doing Business in the Philippines

BANGKO SENTRAL NG PILIPINAS OFFICE OF THE DEPUTY GOVERNOR FI NANCIAL SUPERVISION SECTOR CIRCULAR LETTER NO. CL _20t9 - 033 To ALL BANKS AND NON.BANK FINANCIAL INSTITUTIONS Subject : MB Resolution No. 660.A dated 02 May 2019 Prohibition of The Palawan Bank (Palawan Development Bank), lnc. From Doing Business in the Philippines Notice is hereby given that the Monetary Board, in its Resolution No. 660.A dated 02 May 2OI9, decided to prohibit The Palawan Bank (Palawan Development Bank), Inc., from doing business in the Philippines pursuant to Section 30 of Republic Act (R.A.) No. 7653 (The New Central Bank Act), as amended. The Philippine Deposit Insurance Corporation has been designated as Receiver with a directive to proceed with the takeover and liquidation of the aforementioned thrift bank in accordance with Section L2(al of R.A. No.3591 (PDIC Charter), as amended. For information and guidance. 02 May 2019 l;;:: t4( i-be ]1