Guatemala: Financiera de Occidente SuspendedArguing that management practices were detected that put at risk its solvency and soundness, the Monetary Board decided to suspend the operations of Financiera de Occidente, S.A., an entity that represents 0.35% of the total assets of the local banking system.Monday, December 16, 2019
Erick Vargas Sierra, head of the Superintendence of Banks (SIB), told Prensalibre.com that "... management practices were detected that put at risk its solvency and soundness. Faced with this scenario, the SIB ordered a regularization plan, which failed to comply with the legal deadline of three months, so proceeded the management to the Monetary Board." Source: prensalibre.com ¿Busca soluciones de inteligencia comercial para su empresa?Do you need information about the financial sector?Request more information: Need assistance? Contact us
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Guatemala: Legal Dispute over Financial SuspensionMarch 2020 Arguing that there were arbitrariness and that due process had not been complied with, former representatives of Financiera de Occidente S.A. decided to file a legal appeal following the suspension of the entity. Western Financials Changes HandsJanuary 2020 In Guatemala, Banco de Inversión S.A. acquired 60% of the asset portfolio of Financiera de Occidente S.A., which was suspended in December 2019. Guatemala: Banco de Credito SuspendedDecember 2019 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. Guatemala: More Controls On BanksSeptember 2016 A bill being promoted by the executive branch seeks to authorize the Bank of Guatemala to finance the capitalization of a bank when it faces problems affecting financial stability.
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