Regulatory Alerts2024-07-18
Monetary Board Resolution No. 818.B: Prohibition of the Cooperative Bank of Bohol From Doing Business in the Philippines
The Monetary Board of the Bangko Sentral ng Pilipinas has prohibited the Cooperative Bank of Bohol from conducting business in the Philippines pursuant to Section 30 of the New Central Bank Act. The Philippine Deposit Insurance Corporation has been designated as Receiver to execute the immediate takeover and liquidation of the institution under the PDIC Charter. All banks and non-bank financial institutions are directed to acknowledge this regulatory action and facilitate the transition process effective 18 July 2024.
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