Approval Given to Sale of Balboa Bank to Costa Rican Group

The Superintendency of Panama estimates that the full process of transferring share capital to the BCT group will be completed in August of this year.

Tuesday, July 11, 2017

From a statement issued by the Superintendency of Banks in Panama:
 
The Superintendency of Banks in Panama is pleased to announce that it has been able to complete an important stage in the final phase of the reorganization of Balboa Bank & Trust and its subsidiaries, which will allow the continuation of the sale of 100% of the shares, to the BCT Banking Group. The Reorganizer of Balboa Bank & Trust formally announced that the necessary consent of a group of depositors has been reached, which will allow progress with the structuring of the new balance sheet which is to be sold. This consent will represent for the group of depositors of the bank, a maximum reduction of their deposits of approximately 22.0%.
 
The final reduction will be less and its level will be obtained, subsequent to the recovery of a portion of the Balboa Bank loan portfolio assigned for that purpose, which will not be part of the transaction. This recovery will depend on market conditions and will be carried out by a third party, selected using criteria of transparency, experience and efficiency. On the other hand, the reorganization reiterates recognition will be maintained, on the part of BCT Banking Group, of the interest accrued from deposits payable on savings accounts of Balboa Bank & Trust's customer base.
 



More on this topic

Panama: Balboa Bank Has New Owner

October 2017

The Superintendency of Banks in Panama has authorized the transfer of 100% of the bank's share capital to Corporación BCT, of Costa Rican origin.

From a statement issued by the Superintendent of Banks:

The Superintendency of Banks wishes to inform the general public that this Friday, October 6, 2017, the transaction that finalised the Purchase and Sale Agreement between Corporación BCT, S.A. and Balboa Bank & Trust, Corp., was completed, and its subsidiaries.

Panamanian Bank to Pass into Costa Rican Hands

June 2017

The Superintendency of Banks has granted the banking group BCT approval to acquire Balboa Bank & Trust, putting an end to the reorganization process that began a year ago.

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

Sale of Balboa Bank Nearly Made Firm

May 2017

In Panama, a new 75 day extension has been granted so that the negotiation process can continue with the bank that submitted an offer, which must be agreed upon with depositors of the entity.

From a statement issued by the Superintendent of Banks:

Balboa Bank & Trust Could be Close to Being Sold

April 2017

In Panama a new 30 day extension has been granted in the process of reorganizing the bank, after having received an expression of interest from a group of depositors to buy the entity's shares.

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

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