January 28, 2005

BSP CIRCULAR LETTER

TO : All Banks and Non Bank Financial Intermediaries

The Securities and Exchange Commission (SEC) approved on 29 December 2004 the merger of Equitable Savings Bank, Inc. (ESB — Surviving Corporation) and Mindanao Development Bank (MDB — Absorbed Corporation) whereby all assets and liabilities of MDB will be transferred to and absorbed by ESB.

The merger took effect on 29 December 2004.

For your information and guidance. DaTICc

(SGD.) ALBERTO V. REYES
Deputy Governor

AIC Grande Tower Garnet Road
Ortigas Center, Pasig City
Metro Manila Philippines

Mobile No. +639451244898
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