ESTABLISHMENT OF BRANCHES/OTHER OFFICES NATIONWIDE OF THRIFT BANKS AND OTHER NATIONAL COOPERATIVE BANKS
National Administrative Register January 23, 2003 [ BSP CIRCULAR NO. 369, February 17, 2003 ]
Pursuant to Monetary Board Resolution No. 123, dated 23 January 2003, Section 3.b of Circular No. 340 dated 30 July 2002 is hereby amended, to read as follows:
“b. For thrift banks and national cooperative banks:
i. A thrift bank or national cooperative bank, which have complied with the minimum capital applicable to them may establish branches/other offices on a nationwide basis: Provided, That in the case of a thrift bank with head office outside the National Capital Region (NCR), it may establish a branch/other office in the NCR only after it has put up the minimum capital requirement for a new thrift bank in the NCR.”
This Circular shall take effect immediately.
Adopted: 17 Feb. 2003
(SGD.) RAFAEL B. BUENAVENTURA
Governor