Balboa Bank Buys Banco TransatlánticoFriday, June 29, 2012 The agreement, subject to approval by the Superintendency of Banks in Panama, will allow Balboa Bank to buy a 100% stake in Banco Transatlántico. Once approved by the regulator, the Panamanian group Balboa Bank & Trust 's assets will exceed $300 million. New Bank Opens in PanamaFriday, May 28, 2010 Balboa Bank & Trust will open on May 31; it was recently authorized to operate by the Banking Superintendence. The institution was born after Strategic Investors Group Inc. completed the purchase of 100% of the shares of Stanford Bank (Panama) S.A. More Time to Sell Balboa Bank & TrustWednesday, February 1, 2017 An extension has once again been granted, this time until April 7, for the bank and brokerage firm to have access to the US financial market and be able to complete the process of its reorganization and sale. Wednesday February 1, OFAC extends licenses for Balboa and Balboa Bank & Trust Securities, until April 7, 2017. The licenses were due to expire on Friday 3 February. New Banks in PanamaMonday, February 28, 2011 In 2010, nine new banks entered the banking sector in Panama. Of these, four are local private banks, three have international license and two are foreign banking entities. Approval Given to Sale of Balboa Bank to Costa Rican GroupTuesday, July 11, 2017 The Superintendency of Panama estimates that the full process of transferring share capital to the BCT group will be completed in August of this year. From a statement issued by the Superintendency of Banks in Panama: Balboa Bank License Extended AgainMonday, July 25, 2016 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 be reorganized for their subsequent sale. Panama: Balboa Bank Has New OwnerMonday, October 9, 2017 The Superintendency of Banks in Panama has authorized the transfer of 100% of the bank's share capital to Corporación BCT, of Costa Rican origin. From a statement issued by the Superintendent of Banks: Thirteen Interested in Buying Balboa BankMonday, October 31, 2016 The reorganization process and subsequent sale of the Panamanian bank has been extended for 90 days, and eleven local and two foreign banking groups are interested in the process. From a statement issued by the Superintendency of Banks in Panama: Who Wants to Buy a Bank in Panama?Tuesday, May 9, 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. Balboa Bank Lacks Funds to Pay DebtsTuesday, October 11, 2016 In Panama investors to whom the company owes $4.8 million in debt bonds will have to wait for the bank to be sold before recouping their investment. Balboa Bank and Balboa Securities, which are under intervention of the Superintendency of Securities Market since they were included in the Clinton list, do not have sufficient funds to honor the $4.8 million owed in respect of securities. Panama: Strength of Banking System ReaffirmedFriday, May 13, 2016 The Superintendency has reiterated that the decision taken to seize administrative and operational control of Balboa Bank & Trust is an isolated case, separate from the rest of the banking system. From a statement issued by the Superintendency of Competition: Million dollar Sue Against Banking RegulatorMonday, November 26, 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. Honduras: More Investors in Tela BayThursday, October 13, 2011 Balboa Bank & Trust, will support the Micos Beach & Golf Resort tourism project providing a loan for $2.5 million. Diana Villeda, chief financial officer of Tela Bay Tourist Development (DTBT in Spanish) announced that an amendment will be made to the syndicated loan agreement, integrating this contribution and bringing the total credit to $26 million. Balboa Bank & Trust Could be Close to Being SoldMonday, April 17, 2017 In Panama a new 30 day extension has been granted in the process of reorganizing the bank, after having received an expression of interest from a group of depositors to buy the entity's shares. From a statement issued by the Superintendency of Banks in Panama: Panama: Intervention of Balboa Bank ExtendedMonday, June 6, 2016 The Superintendency of Banks will keep administrative and operational control of Balboa Bank, which was included on the Clinton List US Treasury Department, up until July 4. From a statement issued by the Superintendency of Banks of Panama: |
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