Guatemala: Banco de Credito Suspended

In order to preserve savings and the stability of the national banking system, the Monetary Board decided to suspend the operations of Banco de Credito, an entity that represents 0.2% of the total assets of the local banking system.

Monday, December 9, 2019

The Superintendence of Banks will have to communicate to the general public the mechanism to be used to make operative the management of the deposits constituted in the Banco de Credito, informed the Central Bank.

From the Banco de Guatemala statement:

Guatemala, December 6, 2019. Today, in order to preserve savings and stability of the national banking system, and based on the report and the request of the Superintendence of Banks, unanimously resolved to suspend the operations of Banco de Credito, Sociedad Anonima, an entity that represents only 0.2% of the total assets of the national banking system.

The decision includes the appointment of both the board of exclusion of assets and liabilities, as well as the legal representative of the referred institution, to carry out, in an orderly and timely manner, the exit of this entity from the national banking system.

The Superintendence of Banks has been instructed to communicate to the general public the mechanism to be used to operationalize the management of deposits constituted in Banco de Credito, Sociedad Anonima, as well as the details of the adoption of this measure.

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