RegAlertEnforcement · BSP · 14 Nov 2024
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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BANGl<O SENTRAL NG PILIPINAS
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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
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Source: Bangko Sentral ng Pilipinas — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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