Merger or Consolidation Incentives

October 11, 2012BSP CIRCULAR NO. 771-12SUBJECT : Merger or Consolidation IncentivesPursuant to Monetary Board Resolution No. 1438 dated 30 August 2012, the Manual of Regulations for Banks (MORB) and the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI) are hereby amended as follows:SECTION 1. Subsec. X108.3, MORB, is hereby amended to read as follows:"§ X108.3 (2008 — X112) Merger or consolidation incentives. In pursuance of the policy to promote mergers and consolidations among banks and other financial intermediaries, as well as purchases or acquisitions of majority or all of the outstanding shares of stock of a bank/QB, as a means to develop larger and stronger FIs, constituent/participating entities may avail themselves of incentives or reliefs, subject to prior approval of the Monetary Board." DSETcCSECTION 2. Subsec. 4108Q.3, MORNBFI, is hereby amended to read as follows:"§ 4108Q.3 Merger or consolidation incentives. In pursuance of the policy to promote mergers and consolidations among banks and other financial intermediaries, as well as purchases or acquisitions of majority or all of the outstanding shares of stock of a bank/QB,...