First blood: BSP closes rural bank from Lanao del Sur
It’s the first to fold for the year.
The Bangko Sentral ng Pilipinas (BSP) drew first blood for problem banks which it ordered shut down.
In a Jan. 24 circular, the central bank ordered the closure of the Bagong Bangko Rural ng Malabang, Inc., which had been serving the people of Lanao del Sur.
The bank has since been prohibited to do business in the country, while the Philippine Deposit Insurance Corporation has been named as receiver to take over the bank.