It was placed under receivership by the Philippine Deposit Insurance Corporation (PDIC) on April 27, 2012, after it was closed by the Bangko Sentral ng Pilipinas on the basis of being insolvent.[1] This was after fall-out of a rehabilitation deal with 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 PHP700 to 800 million.[2]
In March 2014, Union Bank of the Philippines bought the remains of Exportbank. Unionbank's prospective entry as a strategic investor in EIB was backed by the bank's uninsured depositors. EIB had 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.[3] Union Bank proposed 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 would be converted to negotiable notes entitled to interest of one percent per annum. These notes could be traded and/or used as collateral.[4]
Subsidiaries and affiliates
Exportbank was divided into the following subsidiaries and affiliates:
