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.
In order to facilitate the reorganization and sale of Balboa Bank and the brokerage firm Balboa Securities the deadline for being able to access the US financial system has been extended until February 2017.
The extension of access to the US financial system comes just weeks after it was announced that both entities will bereorganized for their subsequent sale.
After the bank was taken over because of its inclusion in the Clinton List drawn up by the U.S. Treasury Department, the Superintendency of Banks has ordered its reorganization and sale to another bank.
From a statement issued by the Superintendency of Banks in Panama:
Through Resolution SBP-0116-2016 of July 1, 2016, the Superintendency of Banks has ordered the reorganization of Balboa Bank & Trust Corp., effective from the date July 4, 2016 at 2:30 pm, taking into consideration the recommendations of the Interim Administrator.The reorganization of the bank aims to fulfill three basic objectives:• To protect the best interests of depositors;• To minimize any loss of value of the bank to the detriment of depositors and•Reduce any adverse impact on the banking system. The decision to reorganize the bank will allow choices to be made that aim to give greater security to depositors and creditors of Balboa Bank & Trust Corp. for an early normalization of the situation in the bank and access to all of its funds.
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