LBC Express caused bank's fall
Now it can be told: The failure of LBC Express, the remitting affiliate of LBC Development Bank, to honor billions of pesos in advances caused the bank’s downfall, regulators disclosed on Tuesday.
It was also revealed, to refute insinuations the bank’s closure was precipitate, that the regulators discovered something wrong with LBC Bank’s operations a year ago and gave it time to correct the situation; it failed, however.
