2003-05-08 Convenience Banking Centers (CBCs) not required by BSP to submit Statement of Condition

and Statement of Income and Expenses


MEMORANDUM
Series of 2003

TO: All Banks

This is to clarify that Convenience Banking Centers (CBCs) are not required by Bangko Sentral ng Pilipinas (BSP) to submit Statement of Condition (SOC) and Statement of Income and Expenses (SIE). A CBC is not considered as a branch but as an extension office of a bank without separate books of accounts which directly reports its transactions to its mother branch.

Please be guided accordingly.


ALBERTO V. REYES
Deputy Governor


08 May 2003





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