MB Resolution No. 1122.A dated 12 July 2018 - Prohibition of the Women's Rural Bank, Inc. From Doing Business in the Philippines

BANOKO SENTRAL NG PILIPINAS OFFICE OF THE DEPUTY GOVERNOR FI NANCIAL SUPERVISION SECTOR CIRCULAR LETTER NO. CL - 2018 - 053 To ALL BANKS AND NON-BANK FINANCIAT INSTITUTIONS Subject : MB Resolution No. LL22.A dated 12 July 2018 Prohibition of the Women's Rural Bank, Inc. From Doing Business in the Philippines Notice is hereby given that the Monetary Board, in its Resolution No. LL22.A dated 12 July 2018, decided to prohibit the Women's Rural Bank, Inc., from doing business in the Philippines pursuant to Section 30 of Republic Act (R.A.) No. 7553 (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. I G. FONACIER 12 July 2018 A. hriabini 5t., Molate:1$04 lV'laniia, Phiiiopini:s . i63?i 708-7701 . www.bsp.gov.ph . bspnrailrdbsp.gcv.ph