Question & AnswerQ&A (BSP CIRCULAR NO. 504)
The required notification period is at least three (3) months prior to the transfer.
The notification period may be reduced to forty-five (45) days under any of the following circumstances: (a) as an incentive to merger or consolidation of banks; (b) as an incentive to purchase or acquisition of majority or all of the outstanding shares of stock of a distressed bank for rehabilitation; or (c) the proposed transfer site is within the same barangay or district of the same city or municipality of the branch to be relocated.
The certification must be signed by the head of the branches department with the rank of vice president or its equivalent, or by a higher-ranking officer.
The certification must be submitted not later than five (5) banking days from the date of the transfer.
It must be accompanied by a certified true copy of the resolution of the bank's board of directors authorizing the transfer.
Yes, prior approval of the BSP is required to close the branches to be sold.
At least three (3) months prior to the closure, notice must be given by registered mail and by posters in conspicuous places in the banking office.
The notification period may be reduced to forty-five (45) days when there is no actual branch closure.
Depositors must be informed of their option to withdraw their deposits or to maintain the same with the acquiring bank.
The certification must be signed by the bank's president or its executive vice president (EVP).
The certification must be submitted not later than five (5) banking days from the date of closure.
The certification must be accompanied by a certified true copy of the resolution of the bank's board of directors authorizing the closure.
It took effect fifteen (15) days following its publication either in the Official Gazette or in a newspaper of general circulation.