The owners of Export and Industry Bank have given up and willingly turned over the operations of the bank to the government-run Philippine Deposit Insurance Corp. Friday, according to an official of the Bangko Sentral.
A combination of bad luck, wrong decisions and insufficient liquidity to cover its debt obligations reportedly led to the collapse of the commercial bank, which had more than 15,000 depositors with total claims of P15 billion.
Bangko Sentral Deputy Governor Nestor Espenilla Jr. said, however, preliminary investigation showed no gross negligence on the part of the bank owners who declared a bank holiday Friday. - Manila Standard
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