The reorganization committee of Banco Universal started last week the process of sending letters to all general license banks to participate in the sale process of the company. Banco Universal was intervened by the regulators back in June 2015 and is one of the smallest banks of the Panamanian banking system.
The process of receiving proposals will be open for 20 days, said Gustavo Villa, secretary general of the Superintendency of Banks of Panama (SBP). Those interested in acquiring the operations of Banco Universal will have 20 days, starting August 10, to submit their bids.
In negotiating Banco Universal operations there are two possible scenarios: the purchase of the loan portfolio, or the purchase of portfolios, plus deposits.
Interested parties will have available a virtual data room with general information about the bank after signing a confidentiality agreement. They should express a non-binding offer at that time, and if they are interested or not to continue in the process. The entire sale process is expected to last between 90 and 120 days.
BANCO UNIVERSAL, S.A. (under intervention)
FINANCIAL STATEMENTS (in thousands of dollars)
|Local Deposits in Banks||22,763.98|
|Foreign Deposits in Banks||31,053.59|
|INVESTMENTS IN SECURITIES||40,148.80|
|Earnings for the Period||617.01|
|Gain or Loss in Securities available for Sale||(5,985.10)|
|LIABILITIES AND EQUITY||$360,811.42|
For full text see http://www.critica.com.pa/nacional/el-proximo-lunes-inicia-proceso-de-venta-del-banco-universal-401034
Statements from superbancos.gob.pa