Stanford Bank Panama is Sold

The purchasing group is lead by businessman George F. Novey de la Guardia and company "QBE del Istmo S.A".

Monday, September 28, 2009

Panama's Banking Superintendence announced an agreement with the U.S. custodian for the Stanford Bank legal case, under which shares of the Bank can be sold. The Superintendence expressed its intent of having both the bank and its brokerage house operating soon.

"With the agreement, a fundamental phase of this process comes to an end, and another one begins, looking to restart operations of the Bank and its Brokerage House, protecting depositor's money and accrued interest, as well as the rights of the creditors of both entities (Bank and Brokerage house)", states the communique.

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.

Sale of Panamanian Stanford Operation Being Negotiated

March 2009

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

In an article in prensa.com, 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.

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.

Regulating Entity Takes Control of Stanford Bank Panama

February 2009

The Banks Superintendent reported in a broadcasted message that it will effectively take financial and administrative control of the Stanford Bank Panama.

DialogoCiudadano.com reports in its website: "The SEC accused Allen Stanford and two executives of the Stanford Financial Group of fraudulently selling $8 billion in certificates in a plan that involved operations from Texas to Antigua."

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