Tuesday, August 12, 2008

Insolvent G7 Bank of Naga City Closed by BSP

Two weeks ago I received a call from a bank executive inquiring if I was the one who asked her about a certain G7 bank closed by BSP. I replied no and just informed me that I already knew about the closure of the Naga City-based bank by the Bangko Sentral ng Pilipinas.

It's fortunate that the Philippine Daily Inquirer also reported about the closure due to the bank's financial woes that "lacked assets to service liabilities."

Note that all deposits are insured by PDIC up to P250,000.00 so there's nothing to worry about if your deposit falls under the insured amount. Amounts beyond the amount need to wait if you can still claim part of it once assets are disposed of

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