Regulatory Alerts2024-11-14
MB Resolution No. 1287 dated 14 November 2024 Prohibition of the Community Rural Bank of Medellin (Cebu), Inc. From Doing Business in the Philippines
The Bangko Sentral ng Pilipinas issued Circular Letter CL-2024-049 to announce the Monetary Board's decision to prohibit the Community Rural Bank of Medellin (Cebu), Inc. from conducting business in the Philippines. This prohibition was enacted pursuant to Section 30 of Republic Act No. 7653, as amended, due to the bank's failure to meet regulatory standards. The Philippine Deposit Insurance Corporation has been designated as Receiver with a directive to proceed with the takeover and liquidation of the institution under the PDIC Charter.
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