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.
, .
-,
I
To
BANGl<O SENTRAL NG PILIPINAS
Subject
OFFICE OFTHE DEPUTY GOVERNOR IFINANCIAL SUPERVISION SECTOR
Notice is hereby given that the Monetary Board, in its Resolution No. 1287 dated 14
November 2024, decided to prohibit the Community Rural Bank of Medellin (Cebu),
Inc. , from doing business in the Philippines pursuant to Section 30 of Republic Act (R. A1
No. 7653 (The New Central Bank Act), as amended.
The Philippine Deposit Insurance Corporation has been designated as Receiver
with a directive to proceed with the takeover and liquidation of the aforementioned
rural bank in accordance with Section 12 (a) of R. A. No. 3591 (PDIC Charter). as amended,
For information and guidance.
CIRCULAR LETTER No. cL-2024-049
ALL BANKS AND NON-BANK FINANCIAL INSTITUTIONS
MB Resolution No. 1287 dated 14 November 2024
Prohibition of the Community Rural Bank of Medellin (Cebu), Inc.
From Doing Business in the Philippines
14 November 2024
C#^"^'^'R