Notice to Parties Interested to Rehabilitate a Closed Bank

PARTIES INTERESTED TO REHABILITATE A CLOSED BANK NEED TO COMPLY

WITH THE FOLLOWING REQUIREMENTS:
1. Submit Letter of Interest:
Letter manifesting interest to rehabilitate a bank shall be submitted within ten (10)
calendar days from date of publication of notice or posting at the bank premises of notice
of closure of the bank together with the pre-qualification requirements as follows:
a. full name of the interested party, address, telephone & telefax numbers, and email
address of principal contact;
b. business overview of the interested party;
c. if interested party is a corporation, list of shareholders and their respective
shareholdings and nationalities; in the case of corporate shareholders, the
principal shareholders thereof and their respective nationalities; and
d. evidence of financial capacity to pursue the bid (e.g. audited financial statements
or equivalent)
All documents must be duly certified/signed by the interested party or its/his duly
authorized representative.
2. Conduct of Due Diligence Audit and Submission of Rehabilitation Plan
Proponents for the rehabilitation of a closed bank shall be notified of their prequalification within five (5) calendar days from receipt by PDIC of the pre-qualification
requirements. Subject to execution of a confidentiality agreement, proponents shall be
given authority to conduct due diligence on the bank and submit a rehabilitation plan
within forty-five (45) calendar days reckoned from the date of notice of prequalification.
3. Requirements for rehabilitation:
a. Rehabilitation/Business Plan showing compliance with the four (4) parameters for
the rehabilitation of a closed bank (capital strengthening, liquidity, sustainability
and viability, and governance).
b. Proponents shall present their business plan with proposed members of the Board
and key officers in attendance.
c. Consent of stockholders representing 2/3 of outstanding capital stock
d. Submission of a Bond at a minimum flat rate of P5Mn in the form of a Manager's
Check payable to PDIC FAO (closed bank), prior to commencement of due
diligence

4. Qualifications of proponents:
a. Track record of financial and management capability as substantiated by such
documents as Income Tax Return (ITR), resume and documents from SEC (if
proponent is a Corporation with at least 3 years track record)
b. No findings of unsafe and unsound banking practices (if proponent is a bank or

stockholder or officer of any bank).