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JOINT PRESS STATEMENT OF THE PHILIPPINE DEPOSIT INSURANCE CORPORATION AND THE BANK OF COMMERCE
(22 February 2001)

Bank of Commerce President Raul de Mesa announced today that given the legal issues concerning the legality of the closure of UBI, BoC is constrained to step aside from its proposed rehabilitation of UBI and UII and allow PDIC a freehand to consider other alternatives to rehabilitate the Bank in the interest of the depositors and the creditors of UBI and UII. The announcement was made after the meeting called by the PDIC with BoC, the receivers of Urban Bank and Urbancorp Investment, Inc. and shareholders and creditors of UBI and UII.

With this development, the Philippine Deposit Insurance Corporation shall consider other options for the reopening/rehabilitation of the Bank. PDIC President and CEO Norberto C. Nazareno stated that another option is the conversion to equity of claims of depositors and creditors of UBI as well as investors of UII for a joint rehabilitation. PDIC is also looking at the option that a white knight may step into the shoes of BoC and follow the rehabilitation proposal made.

In the meeting, the Social Security System and the three other major depositors of UBI, Petron, San Miguel Corporation and Meralco, as represented by Nick Jacob, expressed their commitment to continue with the rehabilitation.