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sanctioned

Major Philippine bank sanctioned over fraud

MANILA: One of the Philippines' biggest banks has been sanctioned over alleged fraud by one of its executives, the central bank said Tuesday. The penalties were imposed on the Metropolitan Bank and Trust Company (MBTC) after one of its vice presidents was arrested in July on suspicion of stealing 1.75 billion pesos ($34.5 million) from the bank. Some directors and officers at MBTC, better known as Metrobank, will also be suspended, the central bank said. Metrobank declined to name the suspended officials. Metrobank…