Original BSP Seal (1949-1993) (Photo credit: Wikipedia)State-run Philippine Deposit Insurance Corp. (PDIC) said yesterday that six banks, led by BDO Unibank Inc. of retail and shopping mall magnate Henry Sy, have expressed interest in acquiring the assets of shuttered Export & Industry Bank (EIB).
PDIC executive vice president Cristina Orbeta said in a press conference during the agency’s 49th anniversary celebration that interested strategic third party investors would be allowed to conduct due diligence on the assets of the closed bank starting July 2.
Orbeta pointed out that invitation for interested parties to commence due diligence would be released today and the bidding for the bank’s assets would either be on the last week of July or early August.
She revealed that the agency has engaged Alba Romeo & Co. – a unit of British-owned Binder Dijker Otte International – as financial auditor to determine the financial condition of EIB.
According to her, the financial auditor would take full accounting of the assets and liabilities of the bank and ascertain the reasonable valuation of the bank that was ordered closed by the Bangko Sentral ng Pilipinas (BSP).
Orbeta refused to divulge the identity of the interested investors saying the agency was bound by a confidentiality agreement.
She explained that a rehabilitation proposed for EIB should address the requirements for capital strengthening, liquidity, sustainability, viability, and governance.
The PDIC official said agency would no longer extend financial assistance to interested investors.
“The rehabilitation of EIB shall involve no additional cost to PDIC,” she clarified.
Orbeta said the agency would determine the rehabilitation proposal that is most advantageous to depositors, creditors, and taxpayers.
PDIC took over EIB last April 27 as receiver. The bank has a nationwide network of 50 branches and 47 automated teller machines (ATMs).
Orbeta said the insured deposits of EIB amounted to P3.4 billion while uninsured deposits reached P10.4 billion. Of the total insured deposits, PDIC has so far paid P34.17 million involving 22,636 accounts.
The maximum deposit insurance coverage was doubled to P500,000 per depositor in 2009 from P250,000 per depositor.
http://www.philstar.com/Article.aspx?articleId=819570&publicationSubCategoryId=66
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