The Philippine Deposit Insurance Corporation (PDIC) said that in response to the invitation of PDIC, strategic third party investors (STPIs) have signified interest to rehabilitate the closed Export & Industry Bank (EIB) and go through the pre-qualification process. The deadline set by the PDIC for STPIs to pre-qualify and bid lapsed on August 15, 2012.

PDIC declined to disclose how many have signified interest to pre-qualify and bid for the closed bank until actual date of bidding. The bidding will be scheduled in the second half of September 2012. Meantime, all STPIs are conducting due diligence on EIB to determine the bank’s financial condition.

The Corporation had earlier allowed more time for STPIs to signify their interest to rehabilitate EIB to encourage submission of competitive rehabilitation proposals.

In its invitation, PDIC said that STPIs should be in good standing with regulatory agencies, committed to, and with sufficient financial capability to rehabilitate EIB.

As the Statutory Receiver of closed banks, PDIC is tasked to determine whether the bank may be rehabilitated. To this end, PDIC is conducting a bidding to determine a viable rehabilitation proposal that meets the requirements for capital strengthening, liquidity, sustainability and viability, and governance.

The Philippine Deposit Insurance Corporation (PDIC) was established on June 22, 1963 by Republic Act 3591 to provide depositor protection and help maintain stability in the financial system by providing permanent and continuing deposit insurance. Effective June 1, 2009, the maximum deposit insurance coverage is P500,000 per depositor. All deposit accounts by a depositor in a closed bank maintained in the same right and capacity shall be added together. A joint account shall be insured separately from any individually-owned deposit account.

PDIC news/press releases and other information are available at the website, www.pdic.gov.ph.

RELATED ARTICLES:

1. PDIC gives interested investors in EIB until August 15
2. Notice to the Depositors of H.V. Dela Costa Branch Export and Industry Bank (EIB)
3. PDIC engages financial auditor for EIB
4. PDIC to Start Payout for EIB Depositors on June 19
5. Notice to the Depositors of the Closed Export and Industry Bank
6. Statement of the Philippine Deposit Insurance Corporation on Export & Industry Bank
7. PDIC starts paying EIB depositors with account balances of ten thousand pesos and below
8. PDIC Statement on EIB Rehabilitation
9. Schedule of PDIC Depositors Forum for Depositors of the Closed Export & Industry Bank (EIB)
10. MB places Export & Industry Bank under PDIC receivership
    All valid insured deposit claims will be paid
11. Statement of the Philippine Deposit Insurance Corporation on Export and Industry Bank
    April 27, 2012
12. 2012-08 - Export & Industry Bank, Inc.