While financial regulators want to increase the quality of banks' management with better qualified managers, a bill intends to reduce the demands of professionalism for a "popular" bank.
The intention of six members in reforming the Organic Law of the People's Bank (Banco Popular) and Community Development (BPCD) is to increase control of the union on the bank's management which is "... moving away from sound banking practices and is worrying not only from a point of view of financial supervision, but because it jeopardizes the savings of workers" according to the statement by the National Council of financial System supervision (Conassif) published by La Nacion.
The assistant manager informed Nacion.com: "We are presenting the Supen resolution to the board of directors as part of the last legal procedures for the subsequent registration of the society with the National Registry. The expectation at Bancrédito is that the new company will be registered and ready to go into the market within 15 days or so."
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