The bidding for the assets of Export and Industry Bank (EIB) will be held on Oct. 18, the Philippine Deposit Insurance Corp. (PDIC) announced Tuesday in a statement.

Several banks have already submitted requirements and passed the pre-qualification screening for the bidding, the PDIC said without identifying the banks.

“Interested parties have been pre-qualified based on their financial and management capability. Pre-qualified [bidders] have completed due diligence audit on EIB and are now making preparations for the bidding,” the PDIC said.

To be bid out are all the assets of EIB, including its 50 branches nationwide.

The PDIC, meanwhile, is separately selling the commercial banking license of EIB, the bidding for which shall be set at a slightly earlier date.

Those that are expected to participate in the bidding for the license are those that currently do not have a commercial banking license and intend to engage in the commercial banking business.

EIB was ordered closed in April because of insolvency. Regulators, however, are keen on having the bank rehabilitated as it would the bank’s creditors as well as clients who have uninsured deposits.

Under the law, only deposits worth P500,000 or below covered by deposit insurance. Any amount in excess is not. — KBK, GMA News