Urban Bank may open August 1

Urban Bank Inc. may open by Aug. 1 this year, over two months ahead of the schedule set by its savior, the Export and Industry Bank (EIB).

This was revealed by Corazon de la Paz, the interim receiver appointed by the Securities and Exchange Commission (SEC) who said there are "no major hurdles anymore" after the Bank of Commerce decided to shelve its proposed rehabilitation plan.

De la Paz said BOC decided to give way to the rehabilitation plan presented by EIB, removing the last obstacle to the reopening of UBI.

According to De la Paz, the SEC now has only one rehabilitation plan to consider for evaluation and possible implementation.

De la Paz confirmed reports that UBI’s major creditors and depositors have already agreed on the plan and that "there are no major hurdles." She said UBI only needs the approval of both the Bangko Sentral ng Pilipinas and the Philippine Deposit Insurance Corp. – Des Ferriols