Investors interested in Export Bank given until Aug 15

ABS-CBN News

Posted at Aug 13 2012 10:59 AM | Updated as of Aug 13 2012 06:59 PM

MANILA, Philippines - Investors who are interested in the rehabilitation of shuttered Export & Industry Bank (EIB) have until August 15 to submit their bids.

The Philippine Deposit Insurance Corporation (PDIC) said strategic third party investors should submit the requirements to pre-qualify and to bid for EIB is 5 p.m., Wednesday.

The state-run deposit insurer will determine the rehabilitation proposal that will be most advantageous to depositors, creditors and taxpayers.

The PDIC said investors should be "in good standing with regulatory agencies, committed to, and with sufficient financial capability to rehabilitate the EIB."

Investors are required to submit the following:
1) full name of the interested party, address, telephone/telefax number and e-mail address of principal contact;
2) business overview of the interested party;
3) list of shareholders, the principal shareholders thereof and their respective nationalities;
4) evidence of financial capacity to pursue the bid (e.g. audited financial statements or equivalent); and
5) duly executed confidentiality agreement.  

If the investors are part of a consortium, all documents are required for each member of the consortium. They should also submit the consortium agreement and shareholding structure.

After submitting the confidentiality agreement, the investor would be given an information kit on EIB and due diligence protocol.

PDIC took over EIB last April, after the commercial bank filed for a bank holiday with the Bangko Sentral ng Pilipinas.

PDIC said the rehabilitation proposal for EIB "should address requirements for capital strengthening, liquidity, sustainability and viability, and governance." Only pre-qualified investors will be allowed to participate in the bidding process.

Records show that EIB has 50,052 depositors and 50 branches, mostly in Metro Manila.