Export Bank collapses; BSP takes over control
04/28/2012Mid-size Export Import Bank was placed under government control after declaring a bank holiday yesterday after it admitted that it cannot service its liabilities with depositors and creditors.
The bank was hoping for a rescue from the country’s biggest lender Bando de Oro Universal Bank owned by the group of businessman Henry Sy but negotiations fell through yesterday forcing the bank to declare a bank holiday.
The bank wrote the Bangko Sentral ng Pilipinas (BSP) admitting that it does not have sufficient assets to meet its obligations and unable to continue operations without incurring losses to depositors and creditors..... MORE
Source: The Daily Tribune
URL: http://www.tribuneonline.org/headlines/20120428hea5.html
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