Seizure of Control of ALLBANK.

Through Resolution SBP 0169-2019, the Superintendency ordered the operational and administrative control of AllBank, Corp, effective as of 3:00 pm, of September 2019, based on the provisions of Article 131 of the Banking Law.

In an official statement, it is argued that in the opinion of the superintendency the bank finds itself in a position of high exposure of its liquid assets.

The official statement also states that the main shareholder of AllBank owns Banco del Orinoco, N.V. A banking entity established in Curaçao, this bank has a quarter of AllBank’s liquid assets and also has a third of investments in AllBank securities.

The Bank of the Orinoco was intervened on September 5, 2019, by the Centrale Bank van Curacao en Sint Maarten freezing all their accounts.

From the above, the superintendent in Panama believes that in order to save and protect the best interest of the bank’s depositors, Allbank must be controlled and managed by the superintendent.