In order to attend with greater agility, now in Panama the Superintendence of Banks will be able to manage via e-mail the claims submitted to it.
To speed up the processes for the attention of claims before the regulatory entity, the Board of Directors of the Superintendence of Banks of Panama (SBP), approved Agreement No. 8 -2020 of July 16, 2020, which amends Articles 8 and 13 of Agreement No. 3-2008.
Entities in the International Banking Center generated $183 million in profits in January 2018, 40% more than in the same period in the previous year.
From a statement issued by the Superintendent of Banks:
The January results from the Banking Center, which includes general and international license banks, shows growth of 40.1%.The increase in Net Income is the result of increases in non-recurring financial income, such as the purchase and sale of securities and transactions with derivative instruments; On the other hand, the decrease in the provision expense, as a result of the entry into force of IFRS 9, has allowed banks to make an adjustment against retained earnings, which has favored the performance of the first month of the year.
The Superintendency of Banks has granted the banking group BCT approval to acquire Balboa Bank & Trust, putting an end to the reorganization process that began a year ago.
From a statement issued by the Superintendency of Banks in Panama:
Reorganization of Balboa Bank & Trust enters its final phase
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:
Through Resolution SBP-0058-2017 of April 12, 2017, the Superintendency of Banks in Panama has ordered a 30 day extension to the reorganization of BALBOA BANK & TRUST, CORP., starting from two thirty meridian time (2:30 pm) on Saturday the fifteenth (15) of April two thousand and seventeen (2017).
In the interests of greater transparency, the Superintendency of Banks has reported the details of the fines imposed in 2015 and 2016 on nine banks in the Panamanian banking system.
The Banks sanctioned in 2015 and 2016 are the state run Caia de Ahorros and St. George Bank, Banco Azteca (Panama), Austrobank Overseas (Panama), Banesco, Unibank, Banco Universal (now liquidated), Global Bank and Bank Ficohsa.
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:
The Superintendency of Banks in Panama recommends to the community to only pay attention to official communications issued by the institution and to ignore unfounded and malicious rumors that are circulating or being published on social networks and other unauthorized media. We reiterate that such unfounded stories, could incur the commission of offenses, as provided in Section 260 of the Penal Code.
An agreement is in effect which requires banks to immediately register all customer transactions made through online banking services or at ATMs.
From April 1 all banking transactions made by the ACH system in Panama may be compensated and be made available to customers on the same day of the transaction. Agreement 001-2016 with the Superintendency of Banks requires banks to immediately register all transactions that customers make through online banking services or ATMs.
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).
Through a real estate development fund, $40 million will be raised from the local market to build an office building for the four superintendencies of financial markets.
The state run BN Funds is the manager of Fondo de Inversión de Desarrollo Inmobiliario de Infraestructura Pública -1, created by the Central Bank of Costa Rica to attract the necessary funds to construct a building to house the offices of the regulators of pensions, insurance, securities and financial institutions.
A reorganization process has begun to verify the entity's assets and its real value, and leave it in condition for its eventual sale.
As part of the reorganization process ordered by the Superintendency of Banks which will take 120 days, bank customers with accounts up to $2,500 will be allowed to make withdrawals. When the reorganization process is complete, one of the possible scenarios is the eventual sale of the entity in which local market banks could be interested, according comments made by industry sources to Prensa.com.
After detecting failures and financial vulnerabilities, the Superintendency of Banks has announced the decision to take over administrative and operational control of Banco Universal.
From a statement issued by the Superintendency of Banks of Panama:
Through resolution SBP-0093-2015 the Superintendency of Banks, with the unanimous consent of its board, ordered the seizure of administrative and operational control of Banco Universal, S.A., effective from 3 pm on June 5 this year, based on the provisions of Article 131 of the Banking Law.
According to the Superintendency of Banks, removing the country from the list will be more complex than expected, as not all sectors see it as a priority issue for the economy.
Panama needs to improve legislation and controls in the financial system in order to achieve compliance with the recommendations made by the Financial Action Task Force (FATF).
Private banks are protesting because "the provisions contained in the banking law referring to the requirements and authorizations for the establishment and commencement of operations of commercial banks will not be applicable to Produzcamos."
In the process of starting operations, the entity is not required to comply with the rules of the General Banking Act and that of the Superintendency for Banks and Other Financial Institutions (SIBOIF).
The Monetary Board has issued regulations governing the registration of local rating agencies, and the requirement for all financial institutions to be qualified.
In addition the Monetary Board (MB), published the regulation on Concentration in Contingencies and Investments as well as issues related to the operating permits for offshore entities, regulations that are part of the changes made to the Banking Act and financial groups that were in effect before April 1.
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