Banks that are in sound financial condition and do not violate the New Central Bank Act may be allowed to undergo voluntary surrender of their banking license, according to the Bangko Sentral ng Pilipinas (BSP).
The guidelines provide that banks may surrender their license either with a plan to proceed to voluntary dissolution and liquidation or to keep the entity’s corporate/cooperative life and convert into a nonbank entity.
The enhanced guidelines cover instances of voluntary surrender where no creditors will be affected during the resulting voluntary dissolution or the conversion into a nonbank entity.
Source: Rules on surrendering bank license tweaked | BusinessMirror