Copyright 2000 AFX News Limited

AFX - Asia June 14, 2000 Wednesday

HEADLINE: Central bank urges Urban Bank receiver to accept more rehabilitation proposals

Central bank Governor Rafael Buenaventura said the Philippine Deposit Insurance Corp should consider accepting more rehabilitation proposals for Urban Bank Inc.

PDIC is the receiver of Urban Bank.

PDIC president Norberto Nazareno said yesterday that two banks, Asia United Bank and the Bank of Commerce, met the PDIC's June 13 deadline to submit their rehabilitation proposals.

Earlier, Nazareno said there were six banks interested in buying Urban Bank.