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July 21, 2024

BSP closes Rural Bank of San Juan in Southern Leyte

The Bangko Sentral ng Pilipinas (BSP) has taken action to close the Rural Bank of San Juan (Southern Leyte) Inc., in line with its efforts to address issues in the banking sector.

This marks the fourth rural bank to be shut down this year, with the Philippine Deposit Insurance Corp. (PDIC) appointed as the receiver for the bank’s liquidation process.

The closure aligns with the provisions of the New Central Bank Act and the PDIC Charter, which prohibit reopened operations and emphasize the termination of the bank’s directors, officers, and stockholders’ powers and duties.

The BSP’s actions reflect its ongoing commitment to strengthening the banking industry and ensuring the stability of financial institutions.