Professional Documents
Culture Documents
Independent Director - a person other than an officer or employee of the bank, its subsidiaries
or affiliates or related interests
Bank Branches – universal or commercial banks may open branches or other offices within or
outside the Philippines upon prior approval of the BAngko Sentral
Transacting Business in the Philippines - the entry of foreign banks in the Philippines through
the establishment of branches shall be governed by the provisions of the Foreign Banks
Liberalization Act.
Head office Guarantee - in order to provide effective protection of the interests of the
depositors and other creditors of the Philippine branches of a foreign bank, the head office of
such branches shall fully guarantee the prompt payment of all liabilities of its Philippine branch.
Treasury stock - no bank shall purchase or acquire shares of its own capital stock or accept it
sshares as a security for a loan except when the stock to Foreign stockholdings .
Corporate stockholdings - two or more corporations owned or controlled by the same family
group or same group of persons shall be considered related interest and must be fully
disclosed in all transactions by such corporations
Board of Directors - the provisions of the corporation code to the contrary , there shall be at
least 5 and a maximum of 15 members of the board of directors of a bank, 2 of whom shall be
independent directors.