A reorganization process of Banco Universal has begun to verify the entity’s assets and its real value, and leave it in condition for its eventual sale.

As part of the reorganization process ordered by the Superintendency of Banks which will take 120 days, bank customers with accounts up to $2,500 will be allowed to make withdrawals. When the reorganization process is complete, one of the possible scenarios is the eventual sale of the entity in which local market banks could be interested, according comments made by industry sources to Prensa.com.

“… Since yesterday, July 1, the Superintendency of Banks of Panama (SBP) ordered and appointed a reorganization committee, chaired by Jaime De Gamboa, and integrated by attorney Rosa Gonzalez Marcos. ”

Prensa.com reports that “… De Gamboa Gamboa acted as interim manager of Banco Universal during the shutdown for the last month. His diagnosis included a recommendation: to reorganize the company. De Gamboa Gamboa found sufficient assets, and feasibility for managing them better … De Gamboa will have to carry out full due diligence, determine the actual market and and real value of the assets, depending on the verdict, deciding which legal structures can be adopted to decide the future of the bank. ”