PDIC seeks investors to restore GSIS Family Bank

The Philippine Deposit Insurance Corporation (PDIC) is looking for banks and non-bank corporations to invest in rehabilitating the GSIS Family Bank

Investors have until Wednesday, July 20, to submit a letter of intent to pre-qualify for the rehabilitation of the thrift, according to the state-run deposits insurer.

The GSIS Family Bank has 11 branches in Cavite, seven in Metro Manila, two in Laguna, and one in Bulacan.

Last May, the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) ordered the closure of GSIS Family Bank which was then under PDIC receivership.

Prospective investors must have a minimum capital adequacy ratio of 12 percent before and the capacity to infuse the necessary capital.

PDIC said interested banks must have no unsafe and unsound banking practices, and are not under the Prompt Corrective Action Framework of the BSP.

For foreign banks must be authorized to operate as bank in the Philippines.

Non-bank corporations must be authorized to do business in the Philippines, with a capital of at least P2 billion to meet the capital requirement of the GSIS Family Bank’s rehabilitation.

For investors in a consortium, the PDIC requires all authorized representatives of the group to certify and sign all documents regarding the transaction, the PDIC said. — Kiersnerr Gerwin Tacadena/VDS, GMA News