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last mo.

IPAB Begins Payouts in CIBanco Liquidation as Bank Starts Staff Severance

Covered clients are receiving refunds via an IPAB portal, with larger accounts queued for the liquidation process.

Aunque esta banco se había escuchado envuelto en problemas con la agencia norteamericana responsable de delitos de lavado de dinero, la agencia estadounidense no les ha notificado nada hasta ahora, señala su ex director.

Overview

  • IPAB, now the court-appointed liquidator, activated its payment platform and expects transfers to insured depositors within 48–72 business hours after registration.
  • Authorities say 32,656 clients are covered up to 400,000 UDIs—about 3.42 million pesos—representing 99.4% of CIBanco’s depositors.
  • Roughly 196–197 customers above the coverage cap are recognized as creditors and must await asset sales and judicial proceedings for any excess recovery under the legal order of precedence.
  • The payout totals 4,044 million pesos, roughly 3.35% of IPAB’s fund, which the agency projects to restore in about two months through routine bank contributions rather than public funds.
  • CIBanco has begun formal liquidation of about 3,082 employees, with severance and benefits to be paid in accordance with labor law as the institution winds down.