Business

BSP closes Metro Cebu Public Savings Bank

Sunnexdesk

THE Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) has prohibited Metro Cebu Public Savings Bank from doing business in the Philippines.

In a statement sent, the MB also directed the Philippine Deposit Insurance Corp. (PDIC), as receiver, to proceed with the takeover and liquidation of the bank through

MB Resolution No. 434.E dated March 31, 2022.

The PDIC took over the bank on April 1, 2022.

Metro Cebu Public Savings Bank is a three-unit thrift bank with Head Office located at the 2/F Sia Bldg., N. Bacalso Ave., Brgy. Duljo (Pob.), Cebu City. Its branches are located in Lapu-lapu City, Cebu and Tabunok in Talisay, Cebu.

Latest available records show that as of Dec. 31, 2021, Metro Cebu Public Savings Bank has 6,446 deposit accounts with total deposit liabilities of P225.9 million, of which 78.4 percent or P177 million are insured deposits.

The PDIC assured depositors that all valid deposits and claims will be paid up to the maximum deposit insurance coverage of P500,000 per depositor. (KOC with PR)

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