BUSINESSWORLD (PHILIPPINES): BSP keeps hands off Bancommerce deal

Unlike the Urban Bank case - where management allegedly engaged in unauthorized purchases of substandard assets to the detriment of bank depositors - Mr. [Rafael B. Buenaventura] said Bancommerce's disposal of acquired assets was fully endorsed by its board of directors. "With the submissi...

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Bibliographic Details
Published in:Business world (San Juan, Philippines) Philippines), 2000-12, p.1
Main Author: DAXIM L. LUCAS WITH CATHERINE C. JUNIA
Format: Article
Language:English
Subjects:
Buenaventura, Rafael
State court decisions
Stockholders
Online Access:Get full text
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Summary:Unlike the Urban Bank case - where management allegedly engaged in unauthorized purchases of substandard assets to the detriment of bank depositors - Mr. [Rafael B. Buenaventura] said Bancommerce's disposal of acquired assets was fully endorsed by its board of directors. "With the submission of this last requirement, we trust that the rehabilitation plan for Urban Bank and UII be approved the soonest," Bancommerce executive vice-president Josefina E. Cruz said in a letter to the SEC. Under the proposed capital build-up program, Bancommerce expects to raise over P1.65 billion from, among others, the conversion of at least 25% or P750 million worth of Meralco's, Petron Corp.'s and San Miguel Corp.'s deposits in Urban Bank and UII into equity.
ISSN:0116-3930