Reorganization of BALBOA BANK & TRUST CORP.
By official announcement (Resolution SBP-0116-2016) on July 1, 2016 the Superintendence of Banks in Panama ordered the reorganization of BALBOA BANK & TRUST, CORP. that should begin July 4, 2106 at 2:30 pm local time.
This decision was approved based on the recommendations adopted by the interim bank manager that was appointed by the Superintendency of Banks of Panama when took bank control.
Mr. Ariel Antonio Sanmartín Méndez has been appointed as the Reorganizer of BALBOA BANK & TRUST.
The decision for the reorganization of Balboa Bank & Trust seeks to bring greater security to the depositors and creditors by opening more alternatives to the bank future.
The bank reorganization main objective is to get an early normalization of the situation of Balboa Bank that allow the sale of it to a new bank operator.
The Reorganizer, Mr. Sanmartin, will have to prepare the Reorganization Plan and Schedule containing general guidelines necessary to get the bank ready for the potential sell.
The official announcement doesn’t state how many time this process will take, and what to expect in the meantime, but by our past experienced it is expected that the bank will remain suspended while the reorganization is in progress.