Panama: Banco Universal's Operations Suspended

After detecting failures and financial vulnerabilities, the Superintendency of Banks has announced the decision to take over administrative and operational control of Banco Universal.

Monday, June 8, 2015

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

Through resolution SBP-0093-2015 the Superintendency of Banks, with the unanimous consent of its board, ordered the seizure of administrative and operational control of Banco Universal, S.A., effective from 3 pm on June 5 this year, based on the provisions of Article 131 of the Banking Law.

This decision was taken following the assessment of increasing risks that the Bank faces and which threaten the security and interests of its depositors. Since the second half of 2014, after the comprehensive inspection conducted by the Superintendency, major shareholders and senior management of the Bank were made ​​aware of the deficiencies and vulnerabilities, both in a financial nature, as well as the sound management of Corporate Governance of the Bank.

¿Busca soluciones de inteligencia comercial para su empresa?

More on this topic

Panama: AllBank to Keep Intervening

October 2019

Until November 8, 2019, the operational and administrative control of AllBank, Corp. was extended, an entity that was intervened because its " shareholders did not attend in time and opportunity the requirements of the corrective actions."

Through Resolution SBP 0169-2019 the Superintendency ordered the operational and administrative takeover of AllBank, Corp, effective as of 3:00 p.m. on September 9, 2019.

Panama: Takeover of Bank Involved in Corruption Case

February 2017

The Superintendency of Banks has taken over administrative and operational control of FPB BANK, after it was linked to the corruption case in Brazil known as "Lava Jato" ('Operation Car Wash' in English).

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).