Panama: Multibank surpasses $5.5 million to reserves

The Equilibrium rating agency reported that as of June 30 2008, the bank had $5.5 million "risk with Lehman Brothers".

Friday, October 24, 2008

Multibank is the second bank to publicly reveal that it has investments affected by international financial crisis.

This is in addition to the $3 million that Banviviendo of Grupo Mundial moved to reserves, due to an investment in bonds in the bankrupt Lehman investment bank.

The Superintendency of Banks expects that a total of $115 million could be affected. Of that amount, only $8.5 million has been publicly declared.

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