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Monetary Board approves FMIC’s surrender of quasi-bank license

Monetary Board approves FMIC’s surrender of quasi-bank license

THE CENTRAL BANK has approved First Metro Investment Corp.’s (FMIC) voluntary surrender of its quasi-banking license, with the firm to continue operating as an investment house.

The BSP’s Monetary Board approved the voluntary surrender through Resolution No. 355 dated March 25, according to Circular Letter No. 2021-027 signed by Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi G. Fonacier.

“Just to clarify, what is being surrendered is just the quasi-banking license of FMIC and not its investment house license,” Ms. Fonacier said in a text message. “Quasi-banking license is a special authority granted by the BSP.”

Under the BSP’s Manual of Regulations for Non-Bank Financial Institutions, an entity with a quasi-banking function can borrow funds from 20 or more lenders at any one time through instruments such as acceptances, promissory notes, participations, certificate of assignment, trust certificates, and repurchase agreements. These borrowings can be used for re-lending, purchasing receivables, or other obligations. — LWTN

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