The Export and Industry Bank Inc. or Export Bank is holding a depositors forum at the Negros Occidental Multi-Purpose Activity Center at Aguinaldo Street, Bacolod City, 9 a.m. Thursday, a Philippine Deposit Insurance Corp. press release said yesterday.
Claim Forms distribution will follow after the forum.
Claimants must bring evidence of deposit like savings passbook, certificate of time deposit, and others, the press release said.
The Monetary Board placed EIB under receivership on April 26 because of the bank's s inability to meet its obligations as they became due, insufficient realizable assets to meet its liabilities, and its inability to continue in business without involving probable losses to its depositors or creditors, a separate Bangko Sentral ng Pilipinas press release said.
The MB move is pursuant to Section 30 of Republic Act No. 7653 (The New Central Bank Act), it also said.
The EIB wrote BSP to surrender the bank operations to the BSP and to declare a bank holiday effective April 27.
The overall Philippine banking system remains sound and stable with ample liquidity and high level of capitalization, the BSP said.
The closure of EIB is not expected to adversely affect the Philippine banking system considering its relatively small size. Its total assets is equivalent to only about 0.3 percent of the total assets of the banking system, it also said.*