NDB stops giving loans

Wednesday, March 11, 2015

The National Development Bank (NDB) has frozen loan disbursements in respect of all products offered by the financial institution.

Sources have disclosed that the bank is likely to declare a loss of between P10 million to P15 million.

Contrary to the bank’s claim of a clean bill of health, a special general meeting was held to communicate the opposite on January 14, 2015. The bank management specifically announced to staff that due to a lack of funds, loan disbursements in respect of all products were being stopped.

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