Thrift bank unit strong, says GSIS
10/05/2011The thrift bank Government Service Insurance System (GSIS) Family Bank is not in any financial trouble, its parent, GSIS said yesterday, adding that the state pension fund is backing its bank unit fully despite a plan to sell it off.
GSIS president Robert Vergara said the GSIS plan to sell the thrift bank unit has long been conceived as part of its divestment and streamlining program.
The House of Representatives acting on complaints from depositors of the GSIS thrift bank unit had held hearings to ascertain its financial health.
“The rumors circulating refer to losses incurred several decades ago and the problems of the past have been satisfactorily addressed. As a result, the bank maintains a stable and growing deposit base as well as ample liquidity to meet all its obligations and take advantage of business opportunities,” Vergara said in a statement..... MORE
Source: The Daily Tribune
URL: http://www.tribuneonline.org/business/20111005bus1.html
0 comments
Post a Comment