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.

More on this topic

AllBank Intervention Concerns

November 2019

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.

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.

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:

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.

Panama: Intervention in Banca Privada D'Andorra

March 2015

The Superintendency of Banks has given the order for Administrative and Operational Takeover after the US government accused the Group BANCA PRIVADA D'ANDORRA of alleged money laundering.

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

By Resolution SBP-0053-2015 of March 10, 2015, the Superintendency of Banks of Panama ordered the taking of Administrative and Operational Control of BANCA PRIVADA D'ANDORRA (PANAMA) SA, effective from two (2) oclock meridian time , on Wednesday, eleventh (11th) of March 2015, based on the provisions of Article 16 paragraph 4, Literal I; Article 131 and subsequent Decree Law No. 9 of 1998, as amended by Act No. 2 Decree of 2008 and whose Consolidated Text was adopted by Executive Decree No. 52 of 2008 (Banking Law).

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