MB Resolution No. 1240 dated 02 August 2018 Prohibition of the Tiaong Rural Bank, Inc. From Doing Business in the Philippines

E]ANOKO SEI\|TNIL NE PILIPINAS OFFICE OF THE DEPUW GOVERNOR FINANCIAT SUPERVISION SECTOR clRcuLAR LETTER NO. CL- 2018 - 059 To Att BANKS AND NON.BANK FINANCIAL INSTITUTIONS Subject : MB Resolution No. 1240 dated 02 August 2018 Prohibition of the Tiaong Rural Bank, Inc. From Doing Business in the Philippines Notice is hereby given that the Monetary Board, in its Resolution No. 1240 dated 02 August 2018, decided to prohibit the Tiaong 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 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. 2a4,<et- ' G. FONACIER 02 August 2018 A. Mabin' 5t., Malate 1004 Manila, Philippines t 1632)7A*77OI ' www.bsp'8ov.ph ' [email protected]