The reorganization process and subsequent sale of the Panamanian bank has been extended for 90 days, and eleven local and two foreign banking groups are interested in the process.

From a statement issued by the Superintendency of Banks in Panama:

Through Resolution SBP-0198-2016 of October 27, 2016, the Superintendency of Banks ordered an extension to the Reorganization of Balboa Bank & Trust Corp., which must be completed within a period of ninety (90) days, which may be brought forward or extended, based on a reasoned request by the reorganizer, as provided in paragraph 3 of Article 142 of the Banking Law. This measure is effective from Tuesday the first (1) of November two thousand and sixteen (2016) from 2:30 pm.  

In the process of reorganization we invited private banks with a general or international license to participate in the process of selling Balboa Bank & Trust Corp. and received confirmations interest from eleven (11) local banking groups and two (2) foreign groups.