spot_img
28.1 C
Philippines
Friday, March 29, 2024

3 banks lose license

- Advertisement -

The Monetary Board, the policy-making body of Bangko Sentral ng Pilipinas, revoked the licenses of three banks.

The board in a circular posted on its web site it canceled the licenses of Banco De Oro Savings Bank Inc., a subsidiary of BDO Unibank Inc.; JP Morgan Chase Bank, N.A. Manila branch; and Cavite-based Rural Bank of Kawit Inc.

“The surrender of the banking and trust licenses of Banco de Oro Savings Bank Inc. to the Bangko Sentral ng Pilipinas is part of BDO’s streamlining initiatives since the former has become an inactive subsidiary,” the board said.

The board said the bank would eventually be merged with another subsidiary of parent BDO Unibank Inc.—BDO Capital and Investment Corp.

The board, meanwhile, said the revocation of the banking license of Rural Bank of Kawit was effective upon the closure on Feb. 1, 2016 of the purchase of its assets and assumption of liabilities by Philippine Business Bank, a listed thrift bank.

- Advertisement -

The board also noted the surrender of the authority of JP Morgan Chase Bank Manila branch to conduct trust and fiduciary business.

- Advertisement -

LATEST NEWS

Popular Articles