BSP Circular No. 263-00
BSP Circular No. 263-00 • Bangko Sentral ng Pilipinas • Circulars • Oct 20, 2000
Full text
October 20, 2000 BSP CIRCULAR NO. 263-00 Pursuant to its Resolution No. 1241 dated 21 July 2000, the Monetary Board decided to declare and expand the coverage of leasing companies as financial allied undertaking, thus Section X377 of the New Manual of Regulations for Banks is hereby amended to read as follows: Section X377. Financial Allied Undertakings . With prior BSP approval, banks may invest in equities of the following financial allied undertakings: a. Leasing companies including leasing of stalls and spaces in a commercial establishment ; Provided, That bank investment in/acquisition of shares of such leasing company shall be limited/applicable only in cases of conversion of outstanding loan obligations into equity; b. Banks; c. Investment houses; d. Financing companies; e. Credit card companies; f. Financial institutions catering to small and medium scale industries including venture capital corporations; g. Companies engaged in stock brokerage/securities dealership; and IcESDA h. Companies engaged in foreign exchange dealership/brokerage. This Circular shall take effect immediately. FOR THE MONETARY BOARD: (SGD.) RAFAEL B. BUENAVENTURA Governor
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