Sale of BALBOA BANK & TRUST CORP (Reorganization Process Update).

Sale of BALBOA BANK & TRUST CORP (Reorganization Process Update).

By official announcement (Resolution SBP-0198-2016) dated on October 27, 2016 the Superintendence of Banks in Panama ordered an extension for the reorganization of the bank which must be completed within the ninety (90) day period, which may be anticipated or extended, based on a motivated request of the reorganizer, as provided in numeral 3 of article 142 of the Panamanian Banking Law. Read more

Reorganization of BALBOA BANK & TRUST CORP.

Reorganization of BALBOA BANK & TRUST CORP.

By official announcement (Resolution SBP-0116-2016) on July 1, 2016 the Superintendence of Banks in Panama ordered the reorganization of BALBOA BANK & TRUST, CORP. that should begin July 4, 2106 at 2:30 pm local time.

This decision was approved based on the recommendations adopted by the interim bank manager that was appointed by the Superintendency of Banks of Panama when took bank control.

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Seizure of Control of BALBOA BANK & TRUST CORP.

Seizure of Control of BALBOA BANK & TRUST CORP.

By official announcement (Resolution SBP-0087-2016) on May 5, 2016; the Superintendence of Banks orders the seizure of administrative and operating control of BALBOA BANK & TRUST CORP. effective at 2:30 p.m. on Thursday, May 5, 2016.

Based on Article 131 of the Banking Law the authority can take control over the bank. This decision was adopted as the result of the actions taken by the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) against Waked Economic Group.

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Extended period for BANCA PRIVADA D’ANDORRA

Reorganization of BANCA PRIVADA D’ANDORRA period extended

By official announcement (Resolution SBP-0077-2015) on May 8, 2015 the Superintendence of Banks in Panama order the reorganization of BANCA PRIVADA D’ANDORRA (PANAMÁ) that should be completed within a period of ninety (90) days which has been extended by the Banks Superintendence on official announcement (Resolution SBP-0130-2015) on Aug 7, 2015 based on Panamanian Banking Law.

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Reorganization of BANCA PRIVADA D’ANDORRA

Reorganization of BANCA PRIVADA D’ANDORRA

By official announcement (Resolution SBP-0077-2015) on May 8, 2015 the Superintendence of Banks in Panama order the reorganization of BANCA PRIVADA D’ANDORRA (PANAMÁ) that should be completed within a period of ninety (90) days which may be anticipated or extended by the Banks Superintendence which should be based on a Reorganizer’s petition as stated in Panamanian Banking Law.

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Seizure of Control of BANCA PRIVADA D’ANDORRA (PANAMA)

The Seizure of Control of BANCA PRIVADA D’ANDORRA was stated in an official announcement by the Superintendence, their choice was made because of the genuine probability that BANCA PRIVADA D’ANDORRA (PANAMÁ), S.A. would not have access to most of the Assets required to meet depositor demands, which could influence the Bank’s operations in Panamanian Jurisdiction.

The Seizure of Control of BANCA PRIVADA D’ANDORRA is in part due to the greater part of its fluid resources are in the Group’s Bank in Andorra.

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Mr. Ricardo Fernandez The New Superintendent of Banks Panama

At a service managed by Mr. Dulcidio De La Guardia, Minister of Economy and Finance on Friday, March 13, 2015, Mr. Ricardo Fernandez De Dianous accepted the workplace of Superintendent of Banks Panama.

Mr. Fernandez De Dianous was named Superintendent by Mr. Juan Carlos Varela, President of the Republic, by method for Executive Decree 50 dated 10 May 2015, distributed on Official Gazette N° 27738 dated Thursday, March 12, 2015.

The pronouncement sets up that this arrangement will run simultaneous with the presidential term of office (2015 – 2019).

Mr. Ricardo Fernandez De Dianous will run as Banks Superintendent form 2015 to 2019.

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