PSE Circular for Brokers No. 2649-98

November 25, 1998 PSE CIRCULAR FOR BROKERS NO. 2649-98 CURRENT REPORT UNDER SECTION 11 OF THE REVISED SECURITIES ACT (RSA) AND RSA RULE 11-(a)-1(b)(3) THEREUNDER 1. November 24, 1998 Date of Report (Date of earliest event reported) 2. SEC Identification Number 5223 3. BIR Tax Identification No. 230-000-453-086 4. EQUITABLE BANKING CORPORATION (EBC) Exact name of registrant as specified in its charter 5. Metro Manila Province, country or other jurisdiction of incorporation 6. (SEC Use only) Industry Classification Code: 7. 262 Juan Luna Street, Binondo, Manila 1006 Address of principal office Postal Code 8. (632) 242-7101 Registrant's telephone number, if changes since last report 9. Not Applicable Former name or former address, if change since last report 10. Securities registered pursuant to Sections 4 and 8 of the RSA Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding Common Shares 316,770,000 11. Indicate the item numbers reported herein: Item 9 The Equitable Banking Group ("Equitable") is expected to finalize this afternoon with Asia Amalgamated Holdings Corporation the terms and conditions for the acquisition of the latter's 100% equity interest in Ecology Savings Bank, a duly licensed thrift bank with total resources of P1.6 Billion, as of September 30, 1998. The due diligence audit on the business, financial and legal condition of Ecology Savings Bank, expected to be completed by the end of the month, will serve as the basis in determining the final purchase of the Ecology Savings Bank shares. The acquisition of Ecology Savings Bank is in line with Equitable continuing thrust to strengthen its market presence, broaden its client base and diversity its investment portfolio. Once BSP approval is obtained, Ecology Savings Bank shall officially form part of the Equitable Bank Group of Companies. Together with the purchase of Mindanao Development Bank, which was disclosed to your good office on April 27, 1998, the acquisition of Ecology Savings Bank potentially brings the number of branches of Equitable to 230. cdll SIGNATURES Pursuant to the requirements of the Revised Securities Act. the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. EQUITABLE BANKING CORPORATION Registrant By: (SGD.) PURITA M. JEANJAQUET Corporate Secretary (SGD.) CYNTHIA Y. L. DE LA PAZ Asst . Corporate Secretary