AllBank Intervention Concerns

In Panama, a group of businessmen from the Colon Free Zone have expressed concern about the bank's intervention, because although it was under investigation, it was allowed to engage with several companies.

Friday, November 8, 2019

As of September 9, local authorities took over the operational and administrative control of AllBank, Corp, arguing that the group of "shareholders did not respond in a timely manner to the requirements of the corrective actions" that were instructed. In October the Superintendence informed that the institution will continue to be taken, in this case until November 8.

A letter sent by a group of investors from the Colon Free Zone (ZLC) to the Superintendence of Banks of Panama indicates that AllBank is the only entity in the country allowing transactions with Cuba and that in order to establish a contract it requested large sums of money.

Prensa.com reviews that "... It is known by us that this bank was being investigated for different irregularities more than a year ago, however, allowed it to commit on a large scale the capital of countless companies," the entrepreneurs complain."

Faced with this situation, the group of businessmen is asking the regulator for an immediate extraordinary solution to the liberation of the companies' working capital.

The article adds that "... On the other hand, the Chamber of Commerce, Industries and Agriculture ask for 'support before the Superintendence of Banks of Panama to give extraordinary attention to users of AllBank who maintain commercial accounts of operation to not be even more affected by what the economic downturn has caused'. The businessmen say they feel 'helpless and uncertain' and warn that 'the operation of numerous companies that generate employment and taxes to our country is in danger."

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More on this topic

Panama: Forceful Liquidation of AllBank Ordered

November 2019

Because of the financial, operational and corporate governance situation of the banking entity, the Superintendence of Banks ordered the entire closure.

This measure was taken after the evaluation deployed in the Interim Administrator's Report, as well as the assessment of this Superintendence of Banks, details an official report.

Panama: AllBank to Keep Intervening

October 2019

Until November 8, 2019, the operational and administrative control of AllBank, Corp. was extended, an entity that was intervened because its " shareholders did not attend in time and opportunity the requirements of the corrective actions."

Through Resolution SBP 0169-2019 the Superintendency ordered the operational and administrative takeover of AllBank, Corp, effective as of 3:00 p.m. on September 9, 2019.

AllBank Intervention in Panama

September 2019

On September 9, local authorities took operational and administrative control of AllBank, Corp, arguing that the group of "shareholders did not respond in a timely manner to the requirements of the corrective actions" that were instructed.

The results of the latest supervisions carried out by the Superintendence of Banks of Panama reflect a strong weakness in the health of the loan portfolio, which added to a fragile management of Corporate Governance, the institution reported.

Allbank Corp Opens in Panama

November 2012

The Venezuelan Grupo Financiero B.O.D. has officially opened its Allbank offices in Panama City, where it started operations on 23 July.

Capital.com reports that "The general license bank has been operating in Panama for three months from the Tower of the Americas, and provides all services, and has a team made up of 31 employees.

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