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January 15, 2003BSP CIRCULAR LETTERTO : All Banks and Non-Bank Financial Intermediaries The Securities and Exchange Commission (SEC) approved on December 27, 2002 the Articles and Plan of Merger by and between FEB Investments, Inc. (Absorbed Corporation) and BPI Capital Corporation (Surviving Corporation) dated June 19, 2002, whereby the entire assets and liabilities of FEB Investments, Inc. will be transferred and absorbed by BPI Capital Corporation. The merger took effect on December 27, 2002.For your information and guidance. (SGD.) ALBERTO V. REYESDeputy Governor