Sale of BALBOA BANK & TRUST CORP (Reorganization Process Update). By official announcement (Resolution SBP-0198-2016) dated on October 27, 2016 the Superintendence of Banks in Panama ordered an extension for the reorganization of the bank which must be completed within the ninety (90) day period, which may be anticipated or extended, based on a motivated request of the reorganizer, as provided in numeral 3 of article 142 of the Panamanian Banking Law. This measure becomes effective as of Tuesday, November 1, 2016, starting at 2:30 p.m. As we published on our previous news, the main objective of the Superintendence is ...
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