MB Resolution No. 987.B dated 07 July 2011: Placement of the Express Savings Bank, Inc. (Express Bank) under Receivership
BANGKo SeHTnaL NG PILIPINAS OFFICE OF THE DEPUW GOVERNOR SUPERVISION AND EXAMINATION SECTOR MEMORANDUM NO. M-2011 .037 To ALL BANKSAND NON-BANK FINANCIAL INSTITUTIONS Subject : MB Resolution No. 987.8 dated 07 July 2011 Placement of the Express Savings Bank, Inc, (Express Bankl under Receivership Notice is hereby given that the Monetary Board, in its Resolution No. 987.8 dated 07 July 2011 decided to prohibit the Express Savings Bank, lnc. (Express Bank| 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 savings bank. For information and guidance. ['r'{^t LENY I. SITVESTRE Sector-ln-Charge 97 July20tI A, l.lalritti 3i., lvlaiate 1004 fi.Ianiia, phiiippines o (632) 524-7Cl1X. . www.bsp.gov.ph r bspmaii@bsp,gov.ch
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