Business

Land Bank nixes plan to sue Urban Bank

May 15, 2000 | 12:00am

Land Bank of the Philippines will no longer pursue its plan to file a lawsuit against Urban Bank of the latter's inability to pay back P1.050 billion in interbank loans before it declared a bank holiday on April 26, sources told The STAR over the weekend.

"It's not true (that Land Bank is suing Urbank Bank)," sources said.

This was confirmed by Urbank Bank president Teodoro Borlongan, who said that he has talked with Land Bank president Florido Casuela days after the bank was closed. He said Casuela "understood" what happened to the bank.

BANK

CASUELA

FLORIDO CASUELA

LAND

LAND BANK

LAND BANK OF THE PHILIPPINES

PRESIDENT

TEODORO BORLONGAN

URBAN BANK

URBANK BANK

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