Former officials of the shuttered Urban Bank, the forerunner of the now insolvent Export and Industry Bank (EIB), allegedly made off with some P73 million in kickbacks from the bank’s acquisition of prime property in Pasay City in 1994, a businessman has told the Supreme Court.
The Bangko Sentral ng Pilipinas (BSP) has ordered the closure of Export and Industry Bank Inc. (EIB), which has 50 branches and P16 billion in deposits, and placed it under the receivership of the Philippine Deposit Insurance Corp. after the bank suffered liquidity problems.
The Court of Appeals (CA) has overturned a Makati court ruling ordering the Bangko Sentral ng Pilipinas (BSP) to release P25 billion in financial assistance to Banco Filipino. The appellate court’s special 13th Division granted the central bank’s petition that questioned the order of Judge Joselito Villarosa of Makati Regional Trial Court Branch 66 for [...]
A lawmaker has asked the House of Representatives to investigate the closure of LBC Development Bank last week, the second notable bank to collapse in six months after Banco Filipino Savings and Mortgage Bank. LPG Marketers’ Association Representative Arnel Ty filed House Resolution No. 1749 urging the committee on banks and financial intermediaries to look [...]
MANILA, Philippines—The Court of Appeals has denied the petition of Banco Filipino Savings & Mortgage Bank (BF) to be allowed to reopen after it was ordered closed by the central bank. In a resolution, the appellate court said it found no merit in the request of the padlocked thrift bank. “After having considered and deliberated [...]
