MB Resolution No. 660.A dated 02 May 2019 Prohibition of the Palawan Bank (Palawan Development Bank), Inc. from Doing Business in the Philippines
BSP Circular Letter No. CL-2019-033 • Bangko Sentral ng Pilipinas • Circular Letters • May 2, 2019
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May 2, 2019 BSP CIRCULAR LETTER NO. CL-2019-033 TO : All Banks and Non-Bank Financial Institutions SUBJECT : MB Resolution No. 660.A dated 02 May 2019 Prohibition of the Palawan Bank (Palawan Development Bank), Inc. from Doing Business in the Philippines Notice is hereby given that the Monetary Board, in its Resolution No. 660.A dated 02 May 2019, decided to prohibit The Palawan Bank (Palawan Development Bank), Inc. , 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 thrift bank in accordance with Section 12 (a) of R.A. No. 3591 (PDIC Charter), as amended. acEHCD For information and guidance. (SGD.) LYN I. JAVIER Sector-in-Charge
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