October 19, 2000

BSP CIRCULAR LETTER

TO : All Banks and Non-Bank Financial Intermediaries

The Securities and Exchange Commission approved on August 28, 2000 the Amendment of the Articles and By-Laws of Panasia Banking, Inc. on the deletion of the terms "banks" and "banking" from its corporate name and purpose, pursuant to the purchase by Bank of Commerce (BOC) of selected assets and assumption of selected liabilities of Panasia Banking, Inc. Accordingly, the bank franchise of Panasia Banking, Inc. has automatically been revoked and Panasia Banking, Inc. has ceased to operate as a banking entity.

Effective September 1, 2000, the banking activities and transactions of Bank of Commerce and Panasia Banking, Inc. have been consolidated and the former has carried their operations since then.

For your information and guidance.

(SGD.) ALBERTO V. REYES
Deputy Governor