AIG assures creditworthiness in El Salvador

AIG El Salvador, a subsidiary of American International Group, affirmed that its has the ability to pay for its commitments in the country.

Tuesday, September 23, 2008

In a release, AIG - which operated in El Salvador under the names of AIG Union y Desarrollo S.A and AIG S.A. Seguros de Personas - says that the credit granted to company last week in New York by the US Federal Reserve "will allow us to meet liquidity needs in the short term."

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Intevention in ES Bank in Panama

July 2014

The Superintendency of Banks in Panama has taken over administrative and operational control of the bank due to its potential illiquidity and insolvency.

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

Based on the provisions of Chapter XVI and Articles 131, 132 and related provisions of the Banking Act, by Resolution 097-2014 of 16 July 2014, the Superintendency of Banks of Panama has ordered the takeover of Administrative Control and Operations of ES BANK (PANAMA), SA effective from July 17, 2014 at 12:00.

Seguros Assa to Enter Guatemala and Honduras

June 2012

Grupo Assa de Panamá plans to complete its presence in Central America by opening operations in Honduras and Guatemala.

Panama's Grupo Assa is currently doing business in Panama, Costa Rica, Nicaragua and El Salvador, and has recently, entered the insurance market in Colombia with 40% stake in Cardinal Seguros.

Qualitas Insurance Subsidiary Increases Stake in El Salvador

July 2011

Qualitas, the Mexican insurer, has increased to 100% its participation in the Salvadoran Qualitas Insurance Company.

The company made the announcement of the purchase via a press release without disclosing the amount of the transaction.

"This will benefit both sides, as it will start up a business relationship in the different countries where Quálitas operates," it said in the note.

The evolution of the concept of bank creditworthiness (solvency)

August 2008

In a theoretical case of a bank liquidation, the assets should cover the deposits by the general public and the shareholder capital.

Banking legislation in force in Guatemala from 1926 to 1946 established a capital to deposit ratio with deposits that were 10 times higher than capital. If the capital was 100 then the deposits could be as high as 1000. If they wanted to increase the deposits, they had to increase capital.

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