Merger or Consolidation Incentives

October 11, 2012 BSP CIRCULAR NO. 771-12 SUBJECT : Merger or Consolidation Incentives Pursuant to Monetary Board Resolution No. 1438 dated 30 August 2012, the Manual of Regulations for Banks (MORB) and the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI) are hereby amended as follows: SECTION 1. Subsec. X108.3, MORB, is hereby amended to read as follows: " X108.3 (2008 X112) Merger or consolidation incentives. In pursuance of the policy to promote mergers and consolidations among banks and other financial intermediaries, as well as purchases or acquisitions of majority or all of the outstanding shares of stock of a bank/QB, as a means to develop larger and stronger FIs, constituent/participating entities may avail themselves of incentives or reliefs, subject to prior approval of the Monetary Board." DSETcC SECTION 2. Subsec. 4108Q.3, MORNBFI, is hereby amended to read as follows: " 4108Q.3 Merger or consolidation incentives. In pursuance of the policy to promote mergers and consolidations among banks and other financial intermediaries, as well as purchases or acquisitions of majority or all of the outstanding shares of stock of a bank/QB, as a means to develop larger and stronger FIs, constituent/participating entities may avail themselves of incentives or reliefs, subject to prior approval of the Monetary Board. This Circular shall take effect fifteen (15) calendar days following its publication either in the Official Gazette or in a newspaper of general circulation. FOR THE MONETARY BOARD: (SGD.) JUAN D. DE ZUIGA, JR. Officer-in-Charge Office of the Governor