ABS-CBN News

PDIC to bid out Export Bank again

Posted at | Updated as of 11/07/12 6:22 PM

MANILA, Philippines - After a failed bidding last month, the Philippine Deposit Insurance Corp. will  again bid out the assets and liabilities of Export and Industry Bank (EIB).

In a statement, PDIC said it will set a new bidding date for EIB, after the Makati Regional Trial Court denied request for a temporary restraining order (TRO) on the sale of the bank’s assets and liabilities.

The court had issued a three-day TRO on PDIC last October 18, on the basis of a case filed by groups that have claims against E-Securities, an EIB subsidiary. This led to the failure of the EIB bidding. 

"The Board of Directors of the Philippine Deposit Insurance Corporation (PDIC) has decided to proceed with the bidding for the rehabilitation of Export and Industry Bank (EIB) after the Makati Regional Trial Court (RTC) Branch No. 146 denied the application for a temporary restraining order (TRO)/injunction to prevent the sale of the assets, branches and commercial bank license of EIB," the PDIC said. 

The Bangko Sentral ng Pilipinas ordered the closure of EIB last April due to insolvency. 

Based on its latest valuation, PDIC said the bank has P12 billion in assets and P24 billion in liabilities.