In February 16, 2012, The Monetary Board of the Bangko Sentral ng Pilipinas (BSPP),
approved the consolidation of the First Community
Cooperative Bank of Misamis Occidental (FBMO), Cooperative Bank of Davao
del Sur (CBDS) and Cooperative Bank of Surigao del Sur (CBSS) to form a
new cooperative bank to be known as Consolidated Cooperative Bank
(CCB).
First Community Cooperative (FICCO), a primary cooperative based in Cagayan de Oro City, which is the majority shareholder of FBMO, CBDS, CBSS, led the consolidation of the 3 banks. Consolidated Cooperative Bank (CCB), as the new consolidated entity, will assume all the assets and liabilities of the three constituent CBs. The plan of consolidation was a collective agreement of the common shareholders of FBMO, CBDS and CBSS in their desire to strengthen the financial position and operating efficiency of their respective cooperative banks with the intent to become a relevant player in the socio-economic development of Mindanao. The Bangko Sentral ng Pilipinas (BSP) supports mergers, consolidations and acquisitions of cooperative banks such as the Consolidated Cooperative Bank (CCB) as a means to create larger and stronger institutions whose more solid capital position and wider branch network would enable them to deepen their reach in the countryside, spur lending activities in the unbanked and the underserved areas, and eventually uplift the economic condition of the people residing in these communities. Among the incentives approved by the Bangko Sentral ng Pilipinas is that the consolidated bank, subject to compliance with certain requirements, will be allowed to establish branches/offices in major cities and towns of Mindanao. It will also be allowed to revalue existing properties necessary based on fair valuation. - https://www.affordablecebu.com/
Please support us in writing articles like this by sharing this post
Share this post to your Facebook, Twitter, Blog, or any social media site. In this way, we will be motivated to write articles you like.
--- NOTICE ---
If you want to use this article or any of the content of this website, please credit our website (www.affordablecebu.com) and mention the source link (URL) of the content, images, videos or other media of our website.
"Consolidated Cooperative Bank (CCB)" was written by Mary under the Banking category. It has been read 6298 times and generated 0 comments. The article was created on 28 February 2012 and updated on 28 February 2012.
|