Sale of Panamanian Stanford Operation Being Negotiated

Panamanian regulators announced that there are parties interested in buying the bank and stock brokerage.

Friday, March 27, 2009

In an article in, it was reported that there are 7 local and foreign groups interested in acquiring the Stanford Bank (Panama) S.A. and the Stanford Casa de Valores S.A., as ongoing businesses.

Amauri Castillo, of the Superintendent of Banks, said that "a purchase, which can be done through a merger or asset sale, is much more positive than a forced liquidation," and "a transaction of this nature does not put the return of deposits at risk and the entity will be reorganized when the time comes."

More on this topic

Sale of Stanford Panama Is Now Official

February 2010

The sale of the bank to Strategic Investors Group (SIG) has become a reality, after complying with international and domestic requirements.

U.S. judge David Godbey authorized custodian Ralph Janvey to proceed with the sale.

Several procedures had to be completed to authorize the sale: “the formal authorization of the U.S.

Stanford Panama Once Again Open for Bids

May 2009

The proposal submitted by a colombian group was unsuccessful, so the process is once again open for bids.

The bid submitted by the colombian group did not meet seller or Bank Superintendent expectations.

Edith Castillo wrote in "In the beginning, the possibility of selling the banking and security operations in a single package was suggested, but there has been a change in plans, and now Stanford Securities will be sold separately. The Committee Chair of the National Securities Commission, Juan Martans, reported that they are open to receiving proposals from groups interested in the securities exchange."

Bids Presented to Buy Stanford Bank in Panama

April 2009

At least three entities will present their bids today for the purchase of the bank's assets and the brokerage firm.

Since the fraud investigations that were conducted in the US last February against the group's main shareholder, Stanford Bank Panama is under the control of the Superintendent of Banks.

Panama's Stanford Stock Brokerage Taken Over

February 2009

The seizure was conducted as a result of the take-over of its related bank, Stanford Bank Panama.

In a press release, the National Commission of Securities of Panama indicated that it decided to take intervention action against Stanford Casa de Valores S.A. because of the existing legal actions in the United States against Robert Allen Stanford and the businesses related to him, and the administrative and operating take-over of Stanford Bank Panama, Inc. that occurred 3 days ago.

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