Panama: Possible Sale of Banco Universal

A reorganization process has begun to verify the entity's assets and its real value, and leave it in condition for its eventual sale.

Thursday, July 2, 2015

As part of the reorganization process ordered by the Superintendency of Banks which will take 120 days, bank customers with accounts up to $2,500 will be allowed to make withdrawals. When the reorganization process is complete, one of the possible scenarios is the eventual sale of the entity in which local market banks could be interested, according comments made by industry sources to

"... Since yesterday, July 1, the Superintendency of Banks of Panama (SBP) ordered and appointed a reorganization committee, chaired by Jaime De Gamboa, and integrated by attorney Rosa Gonzalez Marcos. " reports that "... De Gamboa Gamboa acted as interim manager of Banco Universal during the shutdown for the last month. His diagnosis included a recommendation: to reorganize the company. De Gamboa Gamboa found sufficient assets, and feasibility for managing them better ... De Gamboa will have to carry out full due diligence, determine the actual market and and real value of the assets, depending on the verdict, deciding which legal structures can be adopted to decide the future of the bank. "

See press release by the Superintendency

¿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.

Million dollar Sue Against Banking Regulator

November 2018

Arguing that the institution was negligent in the process of intervention and sale of the bank, in Panama Balboa Bank shareholders filed a $74 million lawsuit against the Superintendence of Banks.

The legal appeal filed by the Balboa Bank shareholders and admitted by the Third Chamber of the Supreme Court of Justice, points out to the Superintendence of Banks of Panama (SBP) to cause presumptive damages because of the sale price fixing of the bank's shares.

Who Wants to Buy a Bank in Panama?

May 2017

In disagreement with the only proposal presented so far, depositors of the intervened Balboa Bank & Trust are preparing their own offer to acquire the bank.

Although last October it was reported that eleven banking groups and two foreigners had expressed their interest in acquiring Balboa Bank & Trust, formerly part of the Waked companies, now it seems that only one group remains interested, whose proposal may not be to the liking of the depositors of Balboa Bank.

Panama: Banco Universal's Assets For Sale

August 2015

On August 10 general license banks interested in the assets of the entity may submit offers.

The reorganizing entity designated by the Superintendency of Banks explained that the first to be invited are general license banks in the country, who will have 20 days to submit their proposals for all or part of the assets.