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Union Bank of the Phil vs CA and Allied Bank

UNION BANK OF THE PHILIPPINES, petitioner, vs. COURT OF APPEALS and ALLIED BANK CORPORATION, respondents.

G.R. No. 134699 | 1999-12-23

D E C I S I O N

KAPUNAN, J.:

Section 2 of the Law on Secrecy of Bank Deposits,1 as amended, declares bank deposits to be "absolutely confidential" except:

(1).......In an examination made in the course of a special or general examination of a bank that is specifically authorized by the Monetary Board after being satisfied that there is reasonable ground to believe that a bank fraud or serious irregularity has been or is being committed and that it is necessary to look into the deposit to establish such fraud or irregularity,

(2).......In an examination made by an independent auditor hired by the bank to conduct its regular audit...