Establishment of Branches/Other Offices Nationwide of Thrift Banks and Other National Cooperative Banks
BSP Circular No. 369-03, issued on February 17, 2003, amends previous regulations regarding the establishment of branches and offices by thrift banks and national cooperative banks in the Philippines. The amendment allows these banks to set up branches nationwide, provided they meet the minimum capital requirements. Additionally, thrift banks headquartered outside the National Capital Region (NCR) can only open a branch in the NCR after fulfilling the capital requirements designated for new banks in that area. This circular is effective immediately.
Law Information
- Reference Number
- BSP Circular No. 369-03
- Date Enacted
- Category
- Other Rules and Procedures
- Subcategory
- Banks and Banking
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
February 17, 2003
BSP CIRCULAR NO. 369-03
ESTABLISHMENT OF BRANCHES/OTHER OFFICES NATIONWIDE OF THRIFT BANKS AND OTHER NATIONAL COOPERATIVE BANKS
Pursuant to Monetary Board Resolution No. 123, dated 23 January 2003, Section 3.b of Circular No. 340 dated 30 July 2002 is hereby amended, to read as follows:
"b. For thrift banks and national cooperative banks:
i. A thrift bank or national cooperative bank, which have complied with the minimum capital applicable to them may establish branches/other offices on a nationwide basis: Provided, That in the case of a thrift bank with head office outside the National Capital Region (NCR), it may establish a branch/other office in the NCR only after it has put up the minimum capital requirement for a new thrift bank in the NCR."
This Circular shall take effect immediately.
FOR THE MONETARY BOARD:
(SGD.) RAFAEL B. BUENAVENTURAGovernorBangko Sentral ng Pilipinas
Cite This Law
Establishment of Branches/Other Offices Nationwide of Thrift Banks and Other National Cooperative Banks, BSP Circular No. 369-03, Feb 17, 2003 (Philippines)
Establishment of Branches/Other Offices Nationwide of Thrift Banks and Other National Cooperative Banks, BSP Circular No. 369-03 (Phil. 2003)
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