MB Resolution No. 725.A dated 16 May 2019 Prohibition of the Valiant Bank, Inc. (A Rural Bank) From Doing Business in the Philippines

BANGKo Serurnel. NG PILIPINAS OFFICE OF THE DEPUW GOVERNOR FINANCIAL SUPERVISION SECTOR CIRCULAR LETTER NO. CL _20L9. O31 To ALL BANKS AND NON-BANK FINANCIAL INSTITUTIONS Subject : MB Resolution No. 725.A dated 16 May 2019 Prohibition of the Valiant Bank, Inc. (A Rural Bank) From Doing Business in the Philippines Notice is hereby given that the Monetary Board, in its Resolution No. 725.A dated 15 May 2OL9, decided to prohibit the Valiant Bank, Inc. (A Rural Bankf, 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 rural bank in accordance with Section 12 (a) of R.A. No. 3591 (PDIC Charter), as amended. For information and guidance. IG. FONACIER 1.6 May 2019