Panama: Banca Privada d'Andorra to be Liquidated

Almost two years after the bank was taken over and after a missed sale, the Superintendency of Banks has ordered its liquidation.

Tuesday, January 31, 2017

From a statement issued by the Superintendent of Banks:

By Resolution SBP-0015-2017 of January 27, 2017, the Superintendency of Banks of Panama has ordered the effective administrative liquidation of BANCA PRIVADA D' ANDORRA (PANAMÁ), S.A. from two p.m. (2:00 pm) of January 30 2017, based on Article 16, Ordinal I, paragraph 4; Article 154 et seq of Chapter XVIII, Title III of the Banking Law.

According to a report by the Reorganizer, the offer presented by the potential buyer expired on November 28, 2016, meaning that in the absence of a formal response of acceptance by the State Agency for Resolutions on Repossessed Entities (RAEB), the entity responsible for Grupo de Banca Privada D’Andorra, through a communication dated December 7, 2016, the offer to purchase BANCA PRIVADA D´ANDORRA (PANAMÁ), S.A is canceled.

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More on this topic

Delays to Liquidation of Banca Privada de Andorra

November 2017

Almost a year after the liquidation of the bank was ordered, depositors have not yet received their funds, and in order to complete the settlement, the parent company will have to turn over $60 million.

Of the $100 million that Banca Privada de Andorra had registered as deposits in Panama, $60 million is abroad and the rest in Panama, reports Prensa.com.

Panama: Banca Privada D'Andorra Intervention Extended

November 2015

For the second time a 90 day extension has been approved for the reorganization of Banca Privada d'Andorra, which has been operated by the superintendent since March 2015.

From a statement issued by the Superintendency of Banks of Panama:

Through Resolution SBP-0161-2015 of October 23, 2015, the ordering of a period of reorganization BANCA PRIVADA D´ANDORRA (PANAMÁ), S.A.

Panama: Financial Intervention Extended

April 2015

The Superintendency of Banks in Panama has extended by 30 days the measure to take administrative and operational control of Banca Privada D'Andorra which was decided in March.

From a statement issued by the Superintendency of Banks of Panama:

Through SBP Resolution No. 0063 of April 7, 2015 extension has been given to the SEIZURE OF ADMINISTRATIVE AND OPERATING CONTROL OF PRIVATE BANKING OPERATIONS OF D'ANDORRA (PANAMA), SA, for a period of thirty (30) days.

Panama: Intervention in Banca Privada D'Andorra

March 2015

The Superintendency of Banks has given the order for Administrative and Operational Takeover after the US government accused the Group BANCA PRIVADA D'ANDORRA of alleged money laundering.

From a statement issued by the Superintendency of Banks in Panama (SBP):

By Resolution SBP-0053-2015 of March 10, 2015, the Superintendency of Banks of Panama ordered the taking of Administrative and Operational Control of BANCA PRIVADA D'ANDORRA (PANAMA) SA, effective from two (2) oclock meridian time , on Wednesday, eleventh (11th) of March 2015, based on the provisions of Article 16 paragraph 4, Literal I; Article 131 and subsequent Decree Law No. 9 of 1998, as amended by Act No. 2 Decree of 2008 and whose Consolidated Text was adopted by Executive Decree No. 52 of 2008 (Banking Law).

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