February 27, 2020
BSP CIRCULAR LETTER NO. CL-2020-012
| TO | : | All Banks and Non-Bank Financial Institutions |
| SUBJECT | : | MB Resolution No. 291.B dated 27 February 2020 Prohibition of the Providence Rural Bank, Inc. from Doing Business in the Philippines |
Notice is hereby given that the Monetary Board, in its Resolution No. 291.B dated 27 February 2020, decided to prohibit the Providence Rural Bank, Inc., from doing business in the Philippines pursuant to Section 30 of Republic Act (R.A.) No. 7653 (The New Central Bank Act), as amended.
The Philippine Deposit Insurance Corporation has been designated as Receiver with a directive to proceed with the takeover and liquidation of the aforementioned rural bank in accordance with Section 12 (a) of R.A. No. 3591 (PDIC Charter), as amended.
For information and guidance.
(SGD.) CHUCHI G. FONACIER
Deputy Governor
