• PDIC seeks investors for shuttered GSIS bank

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    STATE deposit insurer Philippine Deposit Insurance Corp. (PDIC) is inviting interested investors to participate in the pre-qualification process for the rehabilitation of the closed GSIS Family Bank.

    The 22-unit thrift bank was ordered closed by the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) and taken over by the PDIC last May 13, 2016.

    In a statement on Tuesday, PDIC said interested parties have until today, July 20, to submit their letters of intent to rehabilitate the bank and the required supporting documents.

    Investors may be banks or non-bank corporations, it said.

    Supporting documents include full name, address, and contact details; business overview; list of shareholders and their respective shareholdings and nationalities; evidence of financial capacity.

    In case the investor is a consortium, all the supporting documents for each member of the consortium are required to be submitted, it said.

    Documentary requirements should be submitted on July 20, 2016 to Ms. Ana Rosa E. Viray, department manager of PDIC’s Receivership and Bank Management Department I located at the 5th Floor, SSS Building, Ayala Avenue corner V.A. Rufino St., Makati City.
    Investors will be evaluated based on a set of pre-qualification criteria.

    Banks that intend to participate in the rehabilitation of the GSIS Family Bank shall be required to have a minimum capital adequacy ratio (CAR) of 12 percent before the acquisition.

    The PDIC said interested investor-banks must have no findings of unsafe and unsound banking practices and are not under the Prompt Corrective Action (PCA) framework of the BSP.

    “In case of foreign banks, these must be authorized to operate as a bank in the Philippines,” it added.

    Investors which are non-bank corporations must be authorized to do business in the Philippines, profitable for the last three years of operation and compliant with foreign ownership limit/ceiling in a bank as stated in the General Banking Law.

    They should have capital of at least P2 billion; current asset to current liability ratio of 2:1; and unqualified audit opinion by independent auditors on the results of operations for the last three years.

    Investors which meet the pre-qualification criteria shall be notified of their eligibility to further participate in the rehabilitation of GSIS Family Bank.

    Qualified third party investors shall be required to execute a confidentiality agreement and post a P5 million bond prior to the conduct of the due diligence on August 1, 2016.

    Letters of Intent submitted after the July 20, 2016 deadline shall no longer be entertained.

    “Interested investors may visit www.pdic.gov.ph for further information or communicate with Ms. Viray at (02) 841-4751 or at e-mail address, aeviray@pdic.gov.ph,” it said.

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