PDIC forms bank info helpdesk for investors
MANILA - In an effort to develop a consolidated banking system in the country, the Philippine Deposit Insurance Corp. (PDIC) is set to launch a helpdesk facility for investors and investee banks.
The investor-investee helpdesk identifies possible matches among prospective investors' preferences and investees' attributes through an automated pairing process, the PDIC said in a statement.
The matchmaking is seen to benefit banks in need of capital infusion, and those who are looking for potential acquisitions.
Should no match be found among parties enrolled in the helpdesk, the PDIC will formally notify the banks involved, and the investor must refer its contact details to the investee. The investee, meanwhile, has the option to have its contact details withheld by the PDIC from the investor.
The service is free of charge and is open to all operating member banks applying as investee that have not been cited in violation of any PDIC regulatory issuance.
Operating member banks and non-bank financial institutions, on the other hand, may apply as investors as long as they have not violated any PDIC regulatory issuance and are not under the Bangko Sentral ng Pilipinas (BSP) Corrective Action Phase.
Banks enrolling in the facility are required to submit a written request for PDIC's assistance in identifying prospective investors and investees. They should also provide their latest audited financial statements and a board certification of their intent to use the new service.
Registered members shall retain their active status in the helpdesk for 6 months, which may be extended upon written request to the PDIC. An investor or investee, meanwhile, may be delisted upon submission of merger, consolidation, and acquisition (MCA) proposals to the BSP or PDIC.
They may also be removed from the helpdesk if they are no longer licensed to operate, if they violate any PDIC regulatory issuance, or if they are placed under the BSP's corrective action phase.