Export and Industry Bank, Inc. (EIBA) is engaged in the business of commercial banking, and of trust and funds management. In July 2001, the Philippine Deposit Insurance Corporation (PDIC) turned over to EIBA the closed Urban Bank, Inc. (UBI) and Urbancorp Investments, Inc. (UII), which were previously under receivership by PDIC and the Securities and Exchange Commission (SEC), respectively. On January 31, 2002, the Bangko Sentral ng Pilipinas (BSP) and the SEC approved the merger of UBI, UII and EIBA, with EIBA as the surviving entity and as a major component of the UBI/UII Rehabilitation Plan. The following year, EIBA listed 2.73 billion common shares in the Philippine Stock Exchange. This was done simultaneously with the lifting of the suspension of trading of UBI shares, as shares formerly traded with stock symbol URB are now traded under the new stock symbol EIBA. EIBA's products and services consist of deposit services, corporate and commercial loans, consumer loans, trade finance, treasury services, trust banking services, and transaction banking. EIBA's clientele include high net worth individuals, prime corporate accounts, exporters, SMEs and individual/retail accounts. EIBA operates through an original network of 50 branches, four of which have been temporarily closed in 2006 in line with EIBA's objective of streamlining its operational efficiency via re-alignment of its existing branch network. In 2007, two branches were re-opened. Source: SEC Form 17-A (2007)