There are no guaranty that the closed Export and Industry Bank (EIB) can find a white knight that will revive the bank for the second time.
Submission of intent for strategic third party (STP) ended yesterday but the Philippine Deposit Insurance Corp. (PDIC) declined to give the names of the interested parties as well as how many have applied to have a chance to revive EIB.
PDIC said the names of interested bidders will be announced when the right time comes.
PDIC president and chief executive officer Valentin Araneta didn’t reply to The Tribune queries if there is a guaranty that EIB can be revived.
EIB is the savior of Urban Bank, the commercial bank that closed in April 2000 after billions of pesos of depositors’ money were channeled to its investment arm.
The revival of Urban Bank by EIB was hailed as the first ever successful rehabilitation in Philippine banking history.
Not a single official of Urban Bank has been sent to jail despite the massive insider abuse that happened leading to its bankruptcy.
Still no white knight for EIB
- Written by Ed Velasco
- Friday, 17 August 2012 00:00
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