September 28, 1999

BSP CIRCULAR LETTER

TO : All Banks and Non-Bank Financial Intermediaries

The Securities and Exchange Commission approved on September 2, 1999 the Plan of Merger and Articles of Merger executed on July 15, 1999 and July 22, 1999, respectively, by and between the EQUITABLE BANKING CORPORATION (EBC — Surviving Corporation) and PHILIPPINE COMMERCIAL INTERNATIONAL BANK (PCIBank — Absorbed Corporation), whereby the entire assets and liabilities of PCIBank will be transferred to and absorbed by EBC. LibLex

The merger of the two banks which will be known as "EQUITABLE PCI Bank" took effect on September 26, 1999.

For your information and guidance. cdtai

(SGD.) ALBERTO V. REYES
Deputy Governor