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Monetary Board Affirms Order to Dispose of 10.84 Percent EPCI Shares Held by EBC Investments, Inc.

11.02.2005

The issue of the 10.84 percent EBC Investments (EBCII) equity holdings on its parent Bank, Equitable PCI Bank (EPCI) has been resolved by the policy making body of the Bangko Sentral ng Pilipinas. 

On 21 October 2005, the Monetary Board (MB)) denied EBCII’s request for reconsideration of the MB’s earlier decision that EBCII immediately sell the EPCI shares which had not been disposed of within two (2) years as previously directed by the BSP.  EBCII requested for an extension of another five (5) years within which to sell said shares of stocks. 

The MB directed EBCII to sell the shareholdings or unwind the transactions in both EPCI and EPCII books within thirty (30) days from receipt of the BSP advice.  

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