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. ”
Sadly, we had an account and a jumbo CD with them and way over $ 2500.. Our conversation with the spokesmen Mr. Gamboa Gamboa sent to the main branch in David said they hoped to announce good news soon. When I asked the main questions concerning retrieving the major portion of the monster funds loaned outside of Panama he couldn’t even fake an answer. He squirmed and his body language answered for his mouth. Unless they can do the impossible and get those many millions back the cause is lost. It is simple math. Who would buy a bank where the client number drops from 18500 accounts to 2400 accounts and the collectables might be 60 million short to cover the deposit total ?
Unlike the Coacess fiasco where political pressure closed down the institution at least the total collectables where easily large enough to pay all depositors in whole over time. Although large accounts will continue to collect biannual payments for another 5 years. In Banco Universal’s case the original Government release is most likely the only true comment. Accounts will eventually be paid to a maximum of $10,000.. Amounts over that will probably be gone.
Very bad for my wife and myself, but, we’re moving on and dealing with true reality.