Export and Industry Bank (EIB) (formerly ), also known as Exportbank, was a

commercial bank A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with co ...

in the

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. It acquired

Urban Bank Urban Bank (Philippine Stock Exchange, PSE: UBI), also known by its initials (and ticker symbol) UBI, was a middle-sized bank in the Philippines. The bank, along with its two subsidiaries, declared a voluntary bank holiday for failing to meet wi ...

in 2001 after the former collapsed due to its closure by the

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. It formed in 1996 by the Lippo Group based in

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. It was placed under receivership by the

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(PDIC) on April 27, 2012, after it was closed by the Bangko Sentral ng Pilipinas on the basis of being

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. This was after fall-out of a rehabilitation deal between it and Banco de Oro Universal Bank (BDO) but did not push through due to the pending legal matters concerning the bank that stopped short of the deal. Exportbank had liabilities worth around

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700 to 800 million. In March 2014,

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has offered to buy Exportbank. Unionbank's prospective entry as a strategic investor in EIB is backed by the bank's uninsured depositors. EIB has about P10.7 billion in uninsured deposits, a majority of whom—holding a combined deposit of P8.2 billion—had given special powers of attorney to a group called “Coalition of EIB Uninsured Depositors” seeking the rehabilitation of the bank as an alternative to liquidation. Union Bank proposes a scheme whereby P150,000 of every P1 million worth of deposits will be converted into equity in the parent company, the publicly listed Union Bank, Inc., while the remaining 85 percent will be converted to negotiable notes entitled to interest of one percent per annum. These notes can be traded and/or used as collateral.

Subsidiaries and affiliates

Exportbank was divided into the following subsidiaries and affiliates: * EIB Realty Developers * EIB Savings Bank * EIB Securities * ValuGen Financial Insurance Company

Former subsidiaries and affiliates

* Urban Building Technologies * Urbancorp Insurance Brokers * Urbancorp Realty Holdings * Urbancorp Technologies Corporation * ValueFinance

Ownership

* Lippo Group: 37% * AO Capital: 22% * AMY Holdings: 20% * RZB Group: 9.5% *Public stock: 11.5%

References

External links

Export and Industry Bank
{{Authority control Banks of the Philippines Banks established in 1996 Companies based in Makati Banks disestablished in 2012 1996 establishments in the Philippines 2012 disestablishments in the Philippines Bank failures Companies listed on the Philippine Stock Exchange Philippine companies established in 1996