The bank acquired 70% of the shares of Universal Bank and annulled the license which it had been granted to operate in the microfinance segment.
The Superintendency of Banks authorised CANAL BANK, SA (BMF) General Banking License, to change its name from CANAL BANK, SA (BMF) to CANAL BANK, SA and canceled and annulled the banking license for Microfinancing granted to CANAL BANK, SA (BMF).
Following the suspension of operations in June, the Banco Universal de Panama entered into an organizational process that culminated with the sale of assets and liabilities of the company.
The invitation to participate in the expressions of interest was issued to all banking institutions with a general license in the Panamanian banking system. The finalists in this auction, as reported Prensa.com, are Canal Bank and Lafise.
The placement of Panamanian securities through the Bloomberg platform will mean greater exposure to global investors and consequently increased demand.
It is expected that the Comptroller General's Office will endorse, no later than December, a contract to operate in the Bloomberg platform. From that moment the Panama Stock Exchange will no longer be used to issue Panamanian Government securities.
The Superintendency of Banks has authorized the start of operations of a new entity, Canal Bank, which will focus on financing SM's who are not bankarised.
With capital of more than $6 million the Canal Bank, part of the National Insurance Group, has started operations. The new company aims to compete in a market that has grown significantly in recent years.
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