The chief of the defunct Export and Industry Bank has decried charges against him and other former bank officers by the state-owned Philippine Deposit Insurance Corp. of having allegedly engaged in “unsafe and unsound” banking practice.
The majority shareholders of Export and Industry Bank (EIB) have gone to court in an attempt to stop the bank’s liquidation, alleging “indecent haste” and “grave abuse of discretion” by banking regulators in ordering the bank’s dissolution.
Philippine Deposit Insurance Corp. has received the regulator’s approval to proceed with the liquidation of the assets of Export and Industry Bank after efforts to rehabilitate the bank had failed.
The rehabilitation of Export and Industry Bank has hit a snag as less than half of the depositors and creditors have consented to the planned sale of the troubled bank, according to the Philippine Deposit Insurance Corp.
The sale of the assets of Export and Industry Bank (EIB), scheduled to take place this month, has been deferred indefinitely due to concerns raised by the bank’s stockholders.
Philippine Deposit Insurance Corp. will again try to sell the assets and liabilities of Export and Industry Bank this year after the bidding on October 18 failed.
On the surface, the complaint filed against San Miguel Corp. president Ramon S. Ang, businessman Roberto V. Ongpin and former finance secretary Gary Teves, among others, looks like your garden variety suit filed by a concerned taxpayer (with all its attendant implications) in an effort to protect the government’s interests.
Rizal Commercial Banking Corp. has revived interest to take over Export and Industry Bank, a shuttered commercial bank being auctioned off by its receiver, the state-owned Philippine Deposit Insurance Corp.
Banco de Oro Unibank wants to take over the assets and deposit liabilities of Export and Industry Bank, which was recently placed under state receivership.
A company reportedly linked to businessman Willian Gatchalian Tuesday disputed the claim of Export and Industry Bank’s former officials that its legal case against the financial institution was what caused merger talks with Banco de Oro Universal Bank to collapse, resulting in the former’s sudden closure.
The bid to find a buyer for Export and Industry Bank was proceeding smoothly, but the bank was forced to close by a single stumbling block that scuttled the entire deal, according to officials of the shuttered financial institution.
The Bangko Sentral ng Pilipinas said Friday the country’s banking system remains strong and well-capitalized.
