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July 13, 1998BSP CIRCULAR LETTERTO : All Concerned  The Monetary Board, in its Resolution No. 832 dated June 10, 1998, approved the attached "Basic Guidelines in Establishing Banks".This Circular-Letter shall take effect immediately.(SGD.) ALBERTO V. REYESOfficer-in-ChargeBASIC GUIDELINES IN ESTABLISHING BANKS1 A. GUIDING PRINCIPLE The new banking organization must have suitable shareholders, adequate financial strength, a legal structure in line with its operational structure, and a management with sufficient expertise and integrity to operate the bank in a sound and prudent manner. Where the proposed owner or parent organization is a foreign bank, the prior consent of its home country supervisor should be obtained.B. THE APPLICATION 1. The Application for Authority to Establish a Bank (Form No. 1) shall be accomplished in triplicate. The original copy and duplicate copy shall be submitted to the Supervisory Reports and Studies Office, Bangko Sentral ng Pilipinas (BSP). The third copy shall be retained by the organizers.2. The required papers/documents and other information in support of the application are, as follows:a. "Agreement to Organize a Bank" (Form No. 2).b. Accomplished...