RP tightens new bank rules<\/p>\n
MANILA (Reuters): The Philippine central bank has issued
\ntighter guidelines for the establishment of new banks as part of
\nits efforts to strengthen the banking system, an official
\ndocument released yesterday said.<\/p>\n
The guidelines require all shareholders with more than five
\npercent of a new bank to submit their statements of income and
\nexpenses for the last three years as proof that their capital
\n\"came from legitimate sources.\"<\/p>\n
The shareholders must also present evidence of their assets
\nsuch as bank statements, bond, share and property holdings and
\ntax declarations.<\/p>\n
A new bank \"must have suitable shareholders, adequate
\nfinancial strength, a legal structure in line with its
\noperational structure and a management with sufficient expertise
\nto operate the bank in a sound and prudent manner,\" the document
\nstated.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/rp-tightens-new-bank-rules-1447893297",
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