BDO Unibank Inc. on Friday said the license of its inactive thrift bank subsidiary has been revoked by the central bank.
The Monetary Board approved the revocation in a March 31 order—Resolution 585—which stopped Banco De Oro Savings Bank Inc. from operating as a thrift bank, parent BDO Unibank said in a disclosure to the Philippine Stock Exchange.
The Monetary Board is the policy-setting body of the Bangko Sentral ng Pilipinas.
The thrift bank was also stripped of the authority to do its trust and fiduciary business. The resolution took effect on May 16.
Banco De Oro Savings is the former Citibank Savings Inc.
“The surrender of the banking and trust licenses of Banco de Oro Savings Bank, Inc. to the Bangko Sentral ng Pilipinas is part of BDO’s streamlining initiatives since the former has become an inactive subsidiary,” the bank said.
BDO Unibank said the thrift bank will eventually be merged with another subsidiary, BDO Capital & Investment Corp.