Banks and the Waked case: Superintendent Dismisses Rumors

In response to rumors of more interventions into financial institutions, the Superintendency of Banks in Panama says that they are unfounded, highlighting the strength of the banking system.

Monday, May 9, 2016

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

The Superintendency of Banks in Panama made public knowledge, that as a result of taking operational and administrative control of Balboa Bank & Trust and its subsidiaries a number of comments and news stories have arisen which do not have any foundation regarding future actions that may be taken by this institution on other banks, or conditions of vulnerability of some institutions in our banking system.

The Superintendency of Banks reiterates to the community in general that these reports lack full truth and is calling upon the general public and depositors of all banking institutions in particular to pay attention to all official communications to that effect issued by our institution.

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Arguing that the institution was negligent in the process of intervention and sale of the bank, in Panama Balboa Bank shareholders filed a $74 million lawsuit against the Superintendence of Banks.

The legal appeal filed by the Balboa Bank shareholders and admitted by the Third Chamber of the Supreme Court of Justice, points out to the Superintendence of Banks of Panama (SBP) to cause presumptive damages because of the sale price fixing of the bank's shares.

Balboa Bank to Go on Sale

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After the bank was taken over because of its inclusion in the Clinton List drawn up by the U.S. Treasury Department, the Superintendency of Banks has ordered its reorganization and sale to another bank.

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

Panama: Strength of Banking System Reaffirmed

May 2016

The Superintendency has reiterated that the decision taken to seize administrative and operational control of Balboa Bank & Trust is an isolated case, separate from the rest of the banking system.

From a statement issued by the Superintendency of Competition:

The Superintendency of Banks in Panama recommends to the community to only pay attention to official communications issued by the institution and to ignore unfounded and malicious rumors that are circulating or being published on social networks and other unauthorized media. We reiterate that such unfounded stories, could incur the commission of offenses, as provided in Section 260 of the Penal Code.

Panama: Interventions in Balboa Bank and Balboa Securities

May 2016

As a result of the inclusion of both companies in the "Clinton" list drawn up by the US Treasury Department, the respective Superintendents have ordered interventions.

For its part the Administration of Supervision and Regulation of Non-Financial Subjects activated special supervisions in non-financial companies which are listed by the OFAC as part of the network, in this case those operating in Colon Free Zone: Grupo Wisa, S.A., Vida Panama S.A., Servicio de Equipo Rodante Incorporado and Grupo Cima S.A., among others.