Bangko Sentral ng Pilipinas
In a statement on Saturday, November 9, the Monetary Board, the policy-making body of the BSP, has"prohibited" the two banks from doing business in the country, pursuant to Section 30 of Republic Act No. 7653 or the New Central Bank Act. The BSP said that the total assets of the bank are equivalent to only 0.02% and 0.002%, respectively, of the total banking system.
Maximum Savings Bank, meanwhile, has 3 branches in Luzon with its main office located at Batangas City.
Source: Financial Digest (financialdigest.net)
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