Forced Liquidation of Stock BrokerMonday, August 27, 2018 In Panama, the liquidation has been ordered of Blue Numbers Securities Inc., because it shows "lack of supervision and management, and a board of directors that is not very involved." The Superintendency of Securities ordered the forced liquidation of the securities company Blue Numbers Securities Inc. and appointed Rafael Moscarella Valladares as liquidator. 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: Intervention in Spartan Global SecuritiesMonday, August 12, 2013 The brokerage firm has been the subject of intervention for a second time after it was detected that did not meet the minimum capital or personnel requirements to operate. Prensa.com reports: "The measure by the Superintendency of the Securities Market (SMV by its initials in Spanish) was carried out by order, on June 27, 2013". Colombian Group Buys Panamanian Brokerage FirmThursday, March 20, 2014 Global Securities Group has signed a purchase agreement with the brokerage firm PanAmerica Capital for an undisclosed amount. The investment banking and fund management group from the USA, Global Securities Group, signed an agreement to make the purchase through Global Securities Colombia, which is the main shareholder. El Salvador: Brokerage House For SaleMonday, May 14, 2018 Grupo Prival, a financial institution of Panamanian origin, has announced the sale of its subsidiary Prival Securities El Salvador, on May 8, 2018. Elcapitalfinanciero.com reports that "... In a note sent to the Superintendency of the Stock Market (SMV) for public knowledge, the banking institution reported that the change was duly notified and authorized by the Superintendency of Banks of Panama (SBP). " Prival Acquires Panamanian Owned Mundial Asset ManagementTuesday, August 17, 2010 Prival Securities, Inc., a subsidiary of the bank with the same name, has agreed to purchase 100% of Mundial Asset Management (MAM) shares. The agreement was signed in Panama City by Juan Carlos Fábrega, President of Prival Bank and Fernando Lewis, Executive President of Grupo Mundial Tenedora, S.A. Reorganization of Thales Securities Successfully CompletedThursday, August 18, 2011 The National Securities Commission of Panama has decided to return the management and control of the brokerage firm to its shareholders, as this will facilitate the institution’s return to operations efficiently and safely. In its resolution, the commission describes the reorganization of Thales Securities as ‘satisfactory’. Panama: Balboa Securities to be "Reorganized"Thursday, July 7, 2016 The stock market authorities have ordered the reorganization of the brokerage firm, after it was included in the US Treasury Department's Clinton List. Days after the Superintendency of Banks ordered the reorganization of Balboa Bank, the stock market regulator issued a resolution to do the same with the brokerage firm. Thales securities reorganized in PanamaThursday, May 12, 2011 The National Securities Commission has ordered the reorganization of the leading brokerage house in Panama, to ensure "the best defense of the interests of investors." (UPDATE: On August 8th, 2011, the Panamanian Securities Commission resolved that the "reorganization process for Thales Securities was successfully completed and returned the administration and control of the company back to its shareholders and directors”.) 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. Costa Rica: Bansol Changes Brand Name to PrivalThursday, September 3, 2015 After having bought 100% of the shares of the Costa Rican bank Bansol, Prival Bank announced that from September 7 it will operate in the country under its own brand name. The purchase of 100% equity of Bansol was announced in April, and now the Bansol brand name is being replaced by the Panamanian bank. Panama: Stock Trading Up 28%Monday, May 26, 2014 In the first three months of the year $1.350 million worth of securities were traded, up from $1.057 million traded in the same period in 2013. Increased purchases of securities in the first quarter of 2014 "were made by BG Valores ($230.09 million), Prival Securities ($228.88 million), Banco Nacional de Panama ($195.62 million), MMG Bank Corporation ($142 55 million) and Citivalores ($126.06 million) ... Gold Price Falls by 9.3%Tuesday, April 16, 2013 Due to the slow progress of the Chinese economy and the possible sale of reserves by Cyprus, the price of gold closed at $1,361.1, its lowest level since 2011. "At the end of the first session of the week, at the Mercantile Exchange in New York, the most traded contracts for gold, due in June, lost $140.3 an ounce (a drop not seen in three decades) to end up at their lowest level since February 2011," noted an article in Laprensa.com.ni. Costa Rica: Government Swaps $165 MillionFriday, February 8, 2019 In the exchange of foreign currency debt that took place on February 6, the Ministry of Finance managed to negotiate $165 million of $428 million offered. Grupo Prival reported that the debt that was swapped expired in 2019, 2020 and 2021, and now the bonds will expire in 2023 and 2026, which will give more looseness to the authorities to manage the country's public finances. Panama: Interventions in Balboa Bank and Balboa SecuritiesFriday, May 6, 2016 As a result of the inclusion of both companies in the "Clinton" list drawn up by the US Treasury Department, the respective Superintendents have ordered interventions. For its part the Administration of Supervision and Regulation of Non-Financial Subjects activated special supervisions in non-financial companies which are listed by the OFAC as part of the network, in this case those operating in Colon Free Zone: Grupo Wisa, S.A., Vida Panama S.A., Servicio de Equipo Rodante Incorporado and Grupo Cima S.A., among others. |
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