Monetary Board shuts down thrift bank linked to Splash

THE Monetary Board, the policy-making body of Bangko Sentral ng Piliipinas, closed another bank based in Laguna due to unsound financial condition, the sixth lender shut down since the start of the year.

State-run Philippine Deposit Insurance Corp. said the Monetary Board prohibited World Partners Bank (A Thrift Bank) Inc. from doing business in the Philippines.  World Bank is a unit of Ang Hortaleza Corp. of businessman Rolando Hortaleza, who controls formerly listed Splash Corp.

The MB directed PDIC as receiver to proceed with the takeover and liquidation of the bank in a resolution dated Aug. 11, 2017.

World Partners Bank is a five-unit thrift bank with head office located at 74 A. Mabini St., Barangay Poblacion, San Pedro City, Laguna. Its four branches are located in Meycauayan and Sta. Maria in Bulacan, San Pablo City in Laguna, and Tanauan City in Batangas.

World Partners Bank, according to the general information sheet filed by the bank with the Securities and Exchange Commission as of Dec. 31, 2016, is owned by Ang Hortaleza Corp. (60 percent) and Rosalinda Hortaleza (40 percent).

Latest available records show that as of June 30, 2017, World Partners Bank had 22,613 deposit accounts with total deposit liabilities of P559.5 million. Total insured deposits amounted to P411.0 million, equivalent to 73.5 percent of total deposits.

The Philippine Stock Exchange in October last year approved the petition of Splash for voluntary delisting. The shares of Splash were delisted from the official registry of the local bourse effective Oct. 7.

Trading of Splash shares was earier suspended after its minimum public ownership fell below the required 10 percent.

Splash filed a petition with PSE for voluntary delisting as early as July last year, citing the low trading volume over the last 24 months due to the weak response of the investing public to the share buy-back program and company’s desire to avoid telegraphing business plans to competitors as primary reasons.

Earlier this year, five financially-ailing banks were closed by the board. These are the Rural Bank of Iligan City Inc., Rural Bank of Ragay (Camarines Sur), Rural Bank of Goa (Camarines Sur), Rural Bank of Barotac Viejo (Iloilo) and Countryside Cooperative Rural Bank of Batangas.

Topics: Monetary Board , Monetary Board , Bangko Sentral ng Piliipinas , World Partners Bank (A Thrift Bank) Inc. , Ang Hortaleza Corp. , Splash Corp. , Philippine Deposit Insurance Corp.
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