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Philippine's EIB has five potential suitors

Philippine’s EIB has five potential suitors

(29 June 2012 – Philippines) Five Philippine financial institutions remain interested in acquiring the assets of bankrupt Export and Industry Bank (EIB). The Philippine Deposit Insurance Corporation (PDIC), president, Val Araneta said the interested buyers were all Philippine lenders who continue to see value in the closed bank with deposit liabilities of US$448 million (A$442 million).

He said an invitation had been sent to interested parties to start their due diligence audit of EIB on 2 July.

He did not name the five lenders, however.

Some US$78 million of the bank’s deposits are covered accounts guaranteed by the PDIC up to US$12,000 for each account.

Some US$245 million are not covered and must wait for the entry of a third-party investor or, failing that, the final liquidation of its remaining assets.

The total estimated insured deposits of EIB are placed at US$80 million.
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