The Superintendency of Banks of Panama (SBP) has reported that, through Resolution SBP-BAN-R-2023-01430 issued on November 30, 2023, the Reorganization of Atlas Bank (Panama) S.A. has been ordered for a period of up to sixty days, effective from December 1, 2023.

In light of this directive, the SBP has appointed Jaime Gamboa Gamboa as the Reorganizer, tasked with formulating the Reorganization Plan under Article 146 of the Banking Law.

The SBP’s decision is based on recommendations from the Interim Administrator and is supported by the arguments outlined in the mentioned Resolution. This resolution also mandates the suspension of all banking operations of Atlas Bank (Panama), S.A.

Furthermore, the Resolution empowers the Interim Administrator, without prejudice to other attributions that may be determined later, to execute the following: restrict or suspend the payment of the bank’s obligations for a period not exceeding the duration of administrative and operational control. This includes, among other things, commitments predating administrative control.

Additionally, it authorizes the suspension of payments for commissions, salaries, allowances, and other executive benefits, excluding basic salaries and employee benefits, subject to the approval of the Superintendent of Banks. It allows the Interim Administrator to conduct investigations on behalf of the Superintendent and, upon request from competent authorities, facilitate any investigations related to cases at Atlas Bank (Panama), S.A.