HOME  ABOUT THE BANK  MONETARY POLICY  BANKING SUPERVISION  PAYMENTS & SETTLEMENTS  STATISTICS  FEEDBACK CORNER
   BSP NOTES & COINS  MONETARY OPERATIONS  LOANS-CREDIT & ASSET MGT  PUBLICATIONS & RESEARCH  REGULATIONS  PROCUREMENT

Feedback Corner

Publications and Research

Media Releases

Unitrust Development Bank - No Prior BSP Approval Given on Acquisition by New Group

10.11.2001

Bangko Sentral Deputy Governor Alberto V. Reyes clarified today that the reported acquisition of Unitrust Development Bank by a group of investors led by G. Universal Co. Ltd. had no prior BSP approval. BSP will apply the “fit and proper” test, and other prudential rules in evaluating the change in ownership of the Bank, he said. This will involve background checking on the new owners, analysis of fund sources and of their financial statements, he added.

Contrary to news reports, it was Unitrust former President, Jose Luis U. Yulo, Jr., and not the law firm of Romulo, Mabanta, Buenaventura, Sayoc and De los Angeles, who informed the BSP of the sale of the bank to the new group of investors.

The Bangko Sentral ng Pilipinas also directed the new management to discontinue advertisements on employee recruitment until further notice. Formerly controlled by Group Management Corporation, Unitrust was acquired by a new group of investors (owning 20% each), composed of G. Universal Co., Ltd.; Minamoto Saiken Kaishu Co., Ltd.; Atty. Leopoldo J. Valcarcel, Jr.; Pedro Z. Montanez and Francis R. Yuseco, Jr.

RSS Subscribe for updates

Archives