Six banks, including BDO Unibank, are keen on bidding for the assets of the Export & Industry Bank (EIB), the Philippine Deposit Insurance Corp. said Thursday.
 
PDIC executive vice president Cristina Orbeta said the bidding would be held sometime last week of July or early August.
 
The Bangko Sentral ng Pilipinas (BSP) placed EIB under receivership control of the PDIC last April 27.
 
EIB’s nationwide network consists of 50 branches and 47 automated teller machines (ATMs).
 
BDO was the first to express interest in absorbing EIB assets. Orbeta declined to identify the five other banks, citing a confidentiality agreement.
 
Prior to the auction, the prospective bidders are allowed to conduct “due diligence” examination of the EIB starting July 2.
 
Orbeta said PDIC  tasked an audit firm—Alba Romeo & Co.—to render a full accounting of EIB assets and liabilities.
 
She revealed that the agency has engaged Alba Romeo & Co – a unit of British-owned Binder Dijker Otte International – as financial auditor to determine the financial condition of EIB.
 
“The rehabilitation of EIB shall involve no additional cost to PDIC,” she pointed out.
 
Orbeta also said the prospective bidder must present a rehabilitation program for EIB that will cover the aspects of capital strengthening, liquidity, sustainability, viability, and governance.
 
She explained that the PDIC will evaluate the proposals expected from the bidders and select that which is most advantageous to depositors, creditors, and taxpayers.
 
Insured deposits of the EIB totaled P3.4 billion while uninsured deposits reached P10.4 billion. The PDIC said it has settled deposit insurance claims amounting to P34.17 million covering 22,636 accounts.
 
Maximum PDIC deposit insurance coverage is at P500,000 per depositor. — ELR, GMA News