Since the fraud investigations that were conducted in the US last February against the group's main shareholder, Stanford Bank Panama is under the control of the Superintendent of Banks.
Journalist Edith Castillo, wrote in Prensa.com: "On Monday, March 20, the extension that the interim administrator, Ramon Martinez Stagg, has to present a report on the bank's status will expire. Most of the bank’s assets were placed under the custody of financial institutions in England, Switzerland, Ecuador and Peru under the jurisdiction of US authorities. In Panama, Stanford Bank's assets total $228.6 million."
The purchasing group is lead by businessman George F. Novey de la Guardia and company "QBE del Istmo S.A".
Panama's Banking Superintendence announced an agreement with the U.S. custodian for the Stanford Bank legal case, under which shares of the Bank can be sold. The Superintendence expressed its intent of having both the bank and its brokerage house operating soon.
The Panamanian Superintendent of Banks reported that they have received two proposals to purchase 100% of the shares.
The offers are being analyzed by the custodial representatives that were named by U.S. authorities.
According to the press release by the SBP, as published in Invertia: "The custodian requires certain conditions that must be agreed upon and they have reserved that right to negotiate with any of the offer makers."
The proposal submitted by a colombian group was unsuccessful, so the process is once again open for bids.
The bid submitted by the colombian group did not meet seller or Bank Superintendent expectations.
Edith Castillo wrote in Prensa.com: "In the beginning, the possibility of selling the banking and security operations in a single package was suggested, but there has been a change in plans, and now Stanford Securities will be sold separately. The Committee Chair of the National Securities Commission, Juan Martans, reported that they are open to receiving proposals from groups interested in the securities exchange."
Panamanian regulators announced that there are parties interested in buying the bank and stock brokerage.
In an article in prensa.com, it was reported that there are 7 local and foreign groups interested in acquiring the Stanford Bank (Panama) S.A. and the Stanford Casa de Valores S.A., as ongoing businesses.
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