BSP Circular Letters BSP Circular Letter No. CL01102002BSP Circular Letter No. CL01102002 2002-01-10T00:00:00.000+08:00

To prohibit Unitrust Development Bank from doing business in the Philippines

CIRCULAR LETTER Series of 2002

TO   :  ALL BANKS

The Monetary Board, in its Resolution No. 19 dated 4 January 2002, approved and confirmed to prohibit UNITRUST DEVELOPMENT BANK from doing business in the Philippines and that its assets and affairs be placed under receivership in accordance with Section 30 of R.A. No. 7653.

The Philippine Deposit Insurance Corporation has been designated receiver of the aforementioned thrift bank.

ALBERTO V. REYES Deputy Governor

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