TO: ALL RURAL BANKS
RE: PROPOSED TEMPLATES OF ARTICLES OF MERGER AND ARTICLES OF CONSOLIDATION OF BANKS
Dear Rural Bankers,
The Bangko Sentral ng Pilipinas (BSP) has recently issued Circular Letter No. CL-2015-068 with reference to the subject cited above to guide banks intending to merge or consolidate.
The central bank has provided templates of Articles of Merger (Annex A) and Articles of Consolidation (Annex B) and the accompanying Plan of Merger (Annex A-1) and Plan of Consolidation (Annex B-1).
“The templates are general in nature and cover the basic legal requirements for merger or consolidation under the Corporation Code and the Manual of Regulations for Banks. Constituent banks may include provisions, as may be necessary, taking into consideration their mutual agreements and other arrangements.
Finally, the review of the Articles of Merger/ Consolidation and the accompanying Plan of Merger/ Consolidation, together with their supporting documents, shall be made on a case-to-case basis, notwithstanding the use of the said templates” the circular letter reads.
Please be guided accordingly.
To download full copy of the circular letter and accompanying annexes, please follow link: http://rbap.org/wp-content/uploads/2015/11/cl068.pdf
VICENTE R. MENDOZA