Two Proposals for Stanford Bank Panama

The Panamanian Superintendent of Banks reported that they have received two proposals to purchase 100% of the shares.

Monday, June 15, 2009

The offers are being analyzed by the custodial representatives that were named by U.S. authorities.

According to the press release by the SBP, as published in Invertia: "The custodian requires certain conditions that must be agreed upon and they have reserved that right to negotiate with any of the offer makers."

More on this topic

Stanford Bank Panama is Sold

September 2009

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

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.

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.

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. 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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