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Who Wants to Buy a Bank in Panama?

In disagreement with the only proposal presented so far, depositors of the intervened Balboa Bank & Trust are preparing their own offer to acquire the bank.

Although last October it was reported that eleven banking groups and two foreigners had expressed their interest in acquiring Balboa Bank & Trust, formerly part of the Waked companies, now it seems that only one group remains interested, whose proposal may not be to the liking of the depositors of Balboa Bank.

Prensa.com reports that “…According to sources linked to the process, the offer (by the depositors) must be accompanied by a business plan that is feasible from a financial and operational point of view, in order to be approved by the Panamanian regulator. In addition, the plan “… must be robust enough to gain indirect approval from the Office of Foreign Assets Control (OFAC).”

“… The first purchase offer, led by a bank that operates in the commercial zone, does not include all of the entity’s assets. This means that it is insufficient to cover shareholders ‘equity and the totality of customers’ deposits.”

Balboa Bank & Trust was taken over in the middle of last year by the Superintendency of Banks of Panama, after having been included in the US Treasury Department’s Clinton List.

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