The Superintendency of Banks authorised CANAL BANK, SA (BMF) General Banking License, to change its name from CANAL BANK, SA (BMF) to CANAL BANK, SA and canceled and annulled the banking license for Microfinancing granted to CANAL BANK, SA (BMF).

In addition, the Superintendency gave time to convene a new meeting of shareholders and directors once the transfer of shares is realized.

Universal Bank operations were suspended in June 2015 after the regulator detected defaults and financial vulnerabilities.

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

Through Resolution SBP-0021-2016 of January 21, 2016, the Superintendency of Banks authorised CANAL BANK, SA (BMF) General Banking License, to change its name from CANAL BANK, SA (BMF) to CANAL BANK, SA and canceled and annulled the banking license for Microfinance granted to CANAL BANK, SA (BMF).

After satisfy the requirements of Agreement 1-2004 and when the relevant Public Announcement had been issued, in the absence of objections, the Superintendency of Banks, through Resolution SBP-0030-2016 of January 25, 2016, authorized the acquisition by CANAL BANK, SA for approximately 70% of the shares of Banco Universal SA, at the time, held by the controlling shareholders of the Bank.

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

In compliance with Article 51 of the Banking Law No. 3-2001 and Agreement. amended by the Agreement No. 2-2006, we report:

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July 2014

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