MB Resolution No. 635.B dated 20 April 2017: Prohibition of the Rural Bank of Ragay (Camarines Sur), Inc. From Doing Business in the Philippines

tsANEKO SEruTNAL NG PILIPINAS OFFICE OF THE DEPUTY GOVERNOR SUPERVISION AND EXAM I NATION SECTOR CIRCULAR LETTER NO. CL _2OL7 - 027 To ALL BANKS AND NON-BANK FINANCIAL INSTITUTIONS Subject : MB Resolution No. 535.8 dated 20 April 2017 Prohibition of the Rural Bank of Ragay (Camarines Sur), Inc. From Doing Business in the Philippines Notice is hereby given that the Monetary Board, in its Resolution No. 535.8 dated 20 April 2OL7, decided to prohibit the Rural Bank of Ragay (Camarines Sur), Inc., from doing business in the Philippines pursuant to Section 30 of Republic Act (R.A.) No. 7553 (The New Central Bank Act). The Philippine Deposit lnsurance 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. 20 April 2017 A. Mabini st.. tt4alate 1004 Manila, Philippines e (63?) 708-7701 . www.bsp.gov.ph . [email protected]