The Philippine Deposit Insurance Corporation (PDIC) is inviting strategic third party investors (STPIs) to make known their interest to rehabilitate the closed Export & Industry Bank (EIB) until August 15, 2012. Â The PDIC said that the deadline for the submission of requirements by STPIs to pre-qualify and to bid for the rehabilitation of EIB is no later than 5:00p.m. (Manila time) on August 15, 2012.

According to PDIC, the invitation to submit a request to pre-qualify is only for those STPIs in good standing with regulatory agencies, committed to, and with sufficient financial capability to rehabilitate the EIB. Â Equally important, interested investors should submit the following: Â 1) full name of the interested party, address, telephone/telefax number and e-mail address of principal contact; 2) business overview of the interested party; 3) list of shareholders, the principal shareholders thereof and their respective nationalities; 4) evidence of financial capacity to pursue the bid (e.g. audited financial statements or equivalent); and 5) duly executed Confidentiality Agreement.

If the STPI is a consortium, all the required information and documents shall be for each member of the consortium. Â The STPI will also be required to submit the consortium agreement and shareholding structure.

All documents must be duly certified/signed by an authorized representative of the STPI; and all pre-qualification requirements must be submitted to the PDIC through the  Office of the Vice-President, PDIC – Receivership and Bank Management Group located at the 5th Floor, SSS Building Ayala Avenue cor. Rufino Street Makati City, Philippines (Attention:  Atty. Nancy L. Sevilla-Samson). The form for the Confidentiality Agreement may be obtained from Atty. Sevilla-Samson.

Upon submission of the duly executed Confidentiality Agreement, the STPI will be provided with the Information Kit on EIB and the Due Diligence Protocol.

As the Statutory Receiver of closed banks, PDIC is tasked to determine the rehabilitation proposal that is most advantageous to depositors, creditors and taxpayers. Â PDIC reiterated that, as with any closed bank, a rehabilitation proposal for EIB should address the requirements for capital strengthening, liquidity, sustainability and viability, and governance.

PDIC said it reserves its right to accept or reject any interested party without offering any reason whatsoever. Â Only pre-qualified STPIs shall be allowed further participation in the bidding process. Â The PDIC is also authorized to terminate the bidding process or modify, supplement or change the rules and conduct of bidding.

The bidding schedule, rules and other announcements will be posted on the PDIC website: www.pdic.gov.ph.

* * * * *

The Philippine Deposit Insurance Corporation (PDIC) was established on June 22, 1963 by Republic Act 3591 to provide depositor protection and help maintain stability in the financial system by providing permanent and continuing deposit insurance. Effective June 1, 2009, the maximum deposit insurance coverage is P500,000 per depositor. All deposit accounts by a depositor in a closed bank maintained in the same right and capacity shall be added together. A joint account shall be insured separately from any individually-owned deposit account.

PDIC news/press releases and other information are available at the website, www.pdic.gov.ph.