Agribank ready for operation
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The Bangko Sentral ng Pilipinas (BSP) announced that Agribusiness Rural Bank Inc. (Agribank) is now ready to operate after the full consolidation of four rural banks.
BSP, through its recently issued Circular Letter CL-2025-023, said the new rural bank is now open to the public.
Agribank is a consolidation of Agribusiness Rural Bank Inc., Banco Alabang Inc., Rural Bank of Maddela (Quirino) Inc., and the Rural Bank of San Jacinto (Masbate) Inc.
The new rural bank received its Certificate of Authority to Operate on 30 May 2025 after completing its registration with the Securities and Exchange Commission.
Mergers grow
Central Bank data show rural bank offices in the country decreased from 3,442 in January this year to 2,884 in May following several mergers and closures of rural banks due to lack of sufficient capital.
Just last month, the Philippine Deposit Insurance Corporation announced the liquidation of Oriental Tamaraw Rural Bank of Naujan in Oriental Mindoro which had 2,996 deposit accounts and total deposit liabilities of P98.6 million as of 31 December 2024.
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