Bangko Sentral ng Pilipinas Temporarily Disqualifies Santiago G. Araneta as Director
November 19, 2018 at 12:39 am EST
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On 19 November 2018, LBC Express Holdings, Inc. was advised by LBC Express, Inc. that its director, Santiago G. Araneta, received a letter from the Bangko Sentral ng Pilipinas (BSP) regarding the approval by the Monetary Board of a resolution temporarily disqualifying Mr. Araneta from becoming a director and/or officer in any BSP-supervised financial institution. This disqualification stems from the closure of LBC Development Bank, Inc. (Bank) wherein Mr. Araneta was a director. The involvement of Mr. Araneta, if any, in the closure and the acts that led to the same is currently being evaluated by the BSP. Pending completion of such evaluation, it appears that the BSP has imposed such temporary disqualification.
LBC Express Holdings, Inc. is a Philippines-based holding company. The Company is engaged in retail and corporate courier and cargo, money remittance, and logistics services. Its segments include logistics and money transfer services. The main services offered under its logistics business are domestic and international courier and freight forwarding services (by way of air, sea, and ground transport). Its logistics products are geared toward both retail and corporate clients. The money transfer services segment consists of remittance services (including branch retail services, prepaid remittance cards and online and mobile remit) and bill payment collection and corporate remittance payout services. The money transfer services segment includes an international presence through its branches, which comprises international inbound remittance services. The Company has a network of over 6,400 branches, hubs and warehouses, partners, and agents in approximately 30 countries.
LBC EXPRESS HOLDINGS, INC. 