Export And Industry Bank Put Under Receivership

The Monetary Board has issued Resolution #686 today, April 27, 2012 putting Export & Industry Bank under PDIC Receivership to protect its 50,000 depositors.  The Philippine Depository Insurance Corp. will now take over the bank which has fifty (50) branches nationwide.  In an interview with DZBB, BSP Deputy Governor Nestor Espenilla Jr. said the Monetary Board decided Thursday night to place the bank under receivership. He further added that the the bank had advised the board they were expecting some big deposits but could not handle them and may be forced to go on a bank holiday today.  Here’s a copy of the Monetary Board Resolution #686.

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