Reorganization of BANCA PRIVADA D’ANDORRA

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 may be anticipated or extended by the Banks Superintendence which should be based on a Reorganizer’s petition as stated in Panamanian Banking Law.

Mr. Jaime De Gamboa was appointed as the Reorganizer of BANCA PRIVADA D’ANDORRA (PANAMA).

The Panama Banks Superintendent Authority stated that Mr. Gamboa satisfies all the requirements needed to comply with the duties as the Banking Law establish, therefore Mr. Gamboa during the reorganization exercise will be the absolutely Management authority and supreme control the Bank.

The Reorganizer, Mr. Gamboa, will have a maximum of thirty (30) days to prepare the Reorganization Plan and Schedule containing general guidelines necessary to get the bank back to a safe and efficient operation.

The announcement also mentions that BANCA PRIVADA D’ANDORRA (PANAMA) will remain suspended while the reorganization is in progress.