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October 01, 2023

Yao-led thrift bank given more time to submit reports

Philippine Business Bank (PBB) led by bankero Rolando Avante has been given more time by the Securities and Exchange Commission (SEC) to submit the required reports to the regulator.

The SEC has approved the listed bank’s request for exemptive relief to extend the filing of SEC forms 17-A and 17-Q to June 15.

“Notwithstanding the extension, PBB and Punongbayan & Araullo, the bank’s external auditors, are committed to completing the audit process in the soonest time possible,” the bank said in a disclosure.

The bank owned by the family of businessman Alfredo Yao has delayed its annual stockholders’ meeting by one month due to the unavailability of supporting and material documents to submit preliminary information sheet.

The Board of Directors of the country’s third largest thrift bank approved the resetting of its annual stockholders’ meeting to July 29 from June 24.

Under the bank’s By-Laws, PBB is supposed to hold its annual stockholders’ meeting during the last Friday of May.


BSP disqualifies unregistered money service business

The Bangko Sentral ng Pilipinas (BSP) has disqualified Riyben Foreign Exchange for operating an unregistered money service business, part of BSP’s ongoing efforts to curb unauthorized MSBs, following similar actions taken against six other firms earlier this year.

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