Banco de Credito Deposits Go to Banrural

Following the suspension of the entity, the Guatemalan authorities decided that all deposits will be transferred to the Banco de Desarrollo Rural.

Wednesday, November 5, 2008

On December 6, 2019, the Monetary Board decided to suspend the operations of Banco de Credito, arguing that the suspension was decreed to preserve savings and the stability of the national banking system.

In a statement dated December 10, 2019, the Superintendence of Banks informed Banco de Credito, S.A. clients that their deposits will be transferred to Banco de Desarrollo Rural S.A. (Banrural) and that the entity will be informing on the procedure to continue with regular operations.

The document explains that "... Likewise, Grupo Financiero Banrural will inform the debtors of Banco de Credito, S.A. of the procedure to continue attending to their obligations and thus avoid inconveniences in attending to their credits.

In this regard, it should be reiterated that the Law of Banks and Financial Groups foresees an orderly exit procedure for entities, with the objective of maintaining stability and confidence in the supervised financial system.
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