BSP Deputy Governor Chuchi Fonacier said the merger between Camalig Bank Inc. and the Municipal Rural Bank of Nabua Inc. took effect last Oct. 1.MANILA, Philippines — More rural banks are consolidating their operations to boost the financial strength of the industry amid the initiatives of the Bangko Sentral ng Pilipinas to improve the risk management of small banks.
Likewise, the tripartite merger of Bangko Kabayan Inc., First Agro-Industrial Rural Bank Inc. and Progressive Bank Inc. took effect last July 13 after the SEC approved the group’s supplemental Articles of Merger. The regulator earlier raised the minimum capital requirements for rural banks to at least P50 million to enhance the operations, capacity and competitiveness of small banks.
Abacore Capital Holdings Inc. and Greenergy Holdings Inc. said yesterday that they are no longer pursuing an earlier memorandum of agreement to develop and operate a logistics and food terminal in Batangas.