Money

Bataan’s Village Bank scales down from thrift to rural lender

Smaller doesn’t always mean weaker.

Smaller doesn’t always mean weaker.

The Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC) have approved the request of the Bataan-based Village Bank, Inc. to reorganize and classify themselves as a rural bank, scaling down from their previous license as a thrift lender.

BSP Deputy Governor Chuchi Fonacier made the decision public through Circular Letter 2017-072 signed on Dec. 14. The conversion took several steps: First, the bank registered its conversion under the SEC in July. This was followed by securing an authority to operate as a rural bank from the BSP in August.

Village Bank reopened in Orani, Bataan as a rural bank on Nov. 2, 2017.

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