MB Resolution No. 55 dated 12 January 2017 - Prohibition of the Countryside Cooperative Rural Bank of Batangas From Doing Business in the Philippines

EIANOKO SEruTNAL NG PILIPINAS OFFICE OF THE DEPUTY GOVERNOR SUPERVISION AND EXAMI NATION SECTOR CIRCULAR LETTER NO. CL _20T7 - OO4 To ALt BANKS AND NON-BANK FINANCIAL INSTITUTIONS Subject : MB Resolution No. 55 dated t2lanuary 20L7 Prohibition of the Countryside Cooperative Rural Bank of Batangas From Doing Business in the Philippines Notice is hereby given that the Monetary Board, in its Resolution No. 55 dated 12 January 201.7, decided to prohibit the Countryside Cooperative Rural Bank of Batangas, 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 Insurance Corporation has been designated as Receiver with a directive to proceed with the takeover and liquidation of the aforementioned cooperative bank in accordance with Section 12 (a) of R.A. No. 3591 (PDIC Charter), as amended. For information and guidance. ESTOR A. ESIENTLLA, t2 January 2OL7 A. Mabini St.. Mala'te :1004 Manila, Philirlpines . i632i 708-77il1. . www.bsp.g<iv.ph . [email protected]