Reorganization of BANCA PRIVADA D’ANDORRA period extended

By official announcement (Resolution SBP-0077-2015) on May 8, 2015 the Superintendence of Banks in Panama order the reorganization of BANCA PRIVADA D’ANDORRA (PANAMÁ) that should be completed within a period of ninety (90) days which has been extended by the Banks Superintendence on official announcement (Resolution SBP-0130-2015) on Aug 7, 2015 based on Panamanian Banking Law.

The Reorganization of BANCA PRIVADA D’ANDORRA (PANAMÁ), S.A. was ordered by means of Resolution SBP-0077-2015 dated 8 May 2015.
By the Panamanian Banking Law, the reorganization must be completed within a ninety (90) day period; this deadline can be postponed by the Superintendency based on a justified request submitted by the Reorganizer.

In the Resolution SBP-0130-2015, the Superintendency appointed an extended period of additional ninety (90) days for Mr. Gamboa to reorganize and take back to safety the operations of BANCA PRIVADA D’ANDORRA (PANAMÁ), S.A.

Mr. Gamboa will exclusively execute the Administration and Control of the Bank, as well as its Legal Representation, for as long as the reorganization lasts.

This resolution also maintains the suspension of all operations of BANCA PRIVADA D’ANDORRA (PANAMÁ), S.A. while the Reorganization of the Bank is being completed.

This decision was implemented by the Superintendency of Banks based on the Panama Banks Law.