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

BSP and PDIC Sign MOA on the Modification of the Evaluation Process for Merger and Consolidation

08.12.2009

The Financial Sector Forum (FSF), an inter-agency body designed to provide an institutional regulatory framework for coordinating the supervision and regulation of the financial system, spearheaded on 12 August 2009 the signing of a Memorandum of Agreement (MOA) by the Bangko Sentral ng Pilipinas (BSP) as represented by BSP Governor Amando M. Tetangco, Jr. and the Philippine Deposit Insurance Corporation (PDIC) as represented by President Jose C. Nograles on the synchronization of the evaluation process for merger and consolidation.

With the BSP’s thrust to promote financially stronger Banks/Non-Bank Financial Institutions with Quasi-Banking Functions (NBQBs) thru mergers and consolidations, the MOA is in response to the FSF’s recognition of the need to synchronize BSP and PDIC process in evaluating merger and consolidation of banks and NBQBs to ensure faster and more efficient evaluation process.  

The MOA lays out the enhanced guidelines and procedures on merger/consolidation process, which includes among others, the standardization of BSP and PDIC documentary requirements and the adoption of a working arrangement wherein both agencies can share information and harmonize parameters for determining the viability of the proposed merger/consolidation. 

The new guidelines and procedures for merger and consolidation are detailed in the respective agencies’ memorandum issuance to all banks and NBQBs.

RSS Subscribe for updates

Archives