An agreement was reached to extend for 90 days more the intervention of Banco Crédito Agrícola de Cartago, while discussion takes place of the plan that would allow its absorption by another banking entity.
The National Council of Supervision of the Financial System decided on May 22 to extend for three more months the intervention of Bancredito, whose status, according to the authorities, continues to be of "financial infeasibility".
The market regulator of Panama has indefinitely suspended the license of the brokerage firm Clever Financial Investment Services, linked to Banco Universal.
A resolution by the Superintendency of Securities said that after performing an inspection at the brokerage firm, " it was found that the brokerage firm maintains only three bank accounts, all of them with Banco Universal ", namely own / administrative account, third parties / customers account and a deposit account. "
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).
The brokerage firm has been the subject of intervention for a second time after it was detected that did not meet the minimum capital or personnel requirements to operate.
Prensa.com reports: "The measure by the Superintendency of the Securities Market (SMV by its initials in Spanish) was carried out by order, on June 27, 2013".
A year ago the SMV had executed the same action under criteria similar to those that occurred weeks ago.
A court ruling states that the complaint filed against the financial company was untimely, considering that the SMV learned about the facts deemed irregular from information that was received, and not when it was analyzed.
From a statement by the Superintendency of Securities (VPS):
PUBLIC NOTICE
For the respect that the general public deserves, especially the investing public, the Superintendency of Securities (hereinafter SMV), the regulator and supervisor of the Panamanian stock market, believes it is necessary to make a statement on some news that has recently taken up important space in various media concerning the Complaint filed by this SMV and which was sent to the Public Prosecutor Office of the First Judicial Circuit of Panama against the brokerage firm Financial Pacific Inc., its former directors and any others that may be linked to it.
Interbolsa's subsidiary in Panama has been sold for $2.15 million to the Mexican company IPG.
IPG is an independent brokerage firm with operations in Mexico and the United States, providing banking services and private equity investments, as well as brokerage services, investment advisory services, private banking and investment banking.
The Financial Superintendence of Colombia, through Resolution 1812 November 7, 2012, ordered the immediate compulsory administrative liquidation of the property, assets and business of the stock brokerage company Interbolsa SA, domiciled in the city of Medellin.
The aim is to prevent a negative effect on the investments of the Panamanian subsidiary of Colombian holding company Interbolsa SA, which is in compulsory liquidation.
The financial crisis facing the group is affecting the investments of its subsidiary in Panama, for which reason the Superintendence of Companies in Colombia, at the request of holding company Interbolsa SA, has arranged to sell financial assets of the Panamanian company.
The fall of Colombia's largest trader is a heavy blow to the country's financial system, with possible repercussions for Central America.
An article in Dinero.com examines 23 topics that have arisen from the bankruptcy of Grupo InterBolsa, including "taking resources illegally to possible accounting fraud and money laundering."
After the liquidation of the parent company in Colombia, Panamanian securities authorities expect the subsidiary in Panama to be incorporated by another local entity.
On the subject, the superintendent of Panamanian market, Alejandro Abood, said "we expect another registrant TO absorb Interbolsa’s business in Panama, but so far we have no information on whether a decision has been taken."
The activity of Interbolsa Panama, a Colombian subsidiary company is independent and not linked to the decisive intervention decided on by the Financial Superintendence of Colombia.
According to Reuters, the brokerage firm Bolsa Interbolsa, S.A. is the largest brokerage firm in Colombia, and belongs to the holding company Interbolsa Group, which also has a presence in the United States, Brazil and Panama.
Bank “Banco Popular” will buy 100% of the liabilities of intervened financial cooperative Coopemex, and will put in place a trust to manage its assets.
The announcement was made by Gerardo Porras, General Manager at Banco Popular. He noted that the operation should be completed no later than June 10.
According to Porras, this is the first time in Costa Rica’s history that an intervened financial institution escapes bankruptcy.
The financial Superintendence (Sugef) has intervened Coopemex, a savings and loans cooperative, for hiding losses.
With this decision, 88.000 investors will lose access to their funds at the entity, for at least 90 days.
From Nacion.com: “Sugef stated that Coopemex had an off-balance-sheet loan portfolio, in which delinquent debtors were not reported. This enabled the cooperative to show a delinquency situation better than the real one”.