Wednesday 26 June
Aug 14, 2017 @ 16:24

BSP shuts down Hortaleza-owned thrift bank in Laguna


Looks like the Splash-run firm has now run dry.

World Partners Bank, Inc., a five-unit thrift bank based in San Pedro, Laguna, has been ordered to stop doing business by the Bangko Sentral ng Pilipinas on Friday, Aug. 11.

The Ang Hortaleza Corporation, which was previously named Splash Holdings, Inc. owns 60% of the bank, while tycoon Rosalinda Hortaleza carries a 40% share and sits as bank chairman.

In a statement, the Philippine Deposit Insurance Corporation (PDIC) said it has entered the bank to liquidate its remaining assets and return the P559.5 million in deposits owed to 22,613 clients. Of the number, only P411 million is insured.

“PDIC assured depositors that all valid deposits and claims shall be paid up to the maximum deposit insurance coverage of PHP500,000.00,” the public insurer said.

The bank’s main office is at San Pedro City in Laguna, while its four other branches are in Meycauayan and Sta. Maria in Bulacan; San Pablo City in Laguna; and Tanauan City in Batangas.

Those with claims below P100,000 can avail of early payments, while those with bigger stakes will have to wait for further instructions from the PDIC.

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