October 22, 2002

BSP CIRCULAR LETTER

TO : All Banks and Non-Bank Financial Institutions

The Securities and Exchange Commission (SEC) approved on September 5, 2002 the Amendments of the Articles of Incorporation of Global Business Bank Inc. (GBB) changing its corporate name to Global Business Holdings, Inc. and its primary purpose to that of a holding corporation.

The consolidation of the banking operations of GBB with the Metropolitan Bank and Trust Company (Metrobank) took effect on October 11, 2002 at which date GBB ceased to operate as a banking institution and reports submitted by Metrobank already included the balances of GBB. IcADSE

For your information and guidance.

(SGD.) ALBERTO V. REYES
Deputy Governor