Panama Forum

panamajames
Joined 2012
Posts: 5096

8 years ago

Universal Bank News

8 years ago

If you were one of the unfortunate ones who chose Universal Bank, the Virzi family Bank as a place to put your money, along with Martinelli and friends, they need ninety more days to go over the applications, choose someone to run it, and completely re-organize it. You should learn a little banking history before putting your hard earned funds in various places. You will get your money back, as this is Panama, and you are dealing with the Superintendent of Banking. Those in charge of the reorganization of the intervened Banco Universal have requested an additional 90 days to complete comprehensive evaluations necessary to select the best proposal, as well as to carry out all legal and regulatory procedures required to perfect the right solution that safeguards the best interests of the depositors of Banco Universal, SA.

October 29 within the 120 days dde SBP-0114-2015 By Order of June 30, 2015, the Superintendency of Banks ordered the reorganization of the Universal Bank, SA on the basis that the provisions of Article 140 of the Bank Act are met.

The Plan of Reorganization contemplated a transparent process in which all general licensed banks were invited to bid. Two expressions of interest from investment groups were received. In the first phase, non-binding expressions of interest from 11 banks in the square were received. In the second phase, 2-binding bids from a group of four banks, which maintained their interest in the assets and liabilities or shares of Banco Universal, SA.

The proposals received are valid for 90 days.

To date they are in the process of requesting the documentation to expand, clarify and sustain the proposals received, to meet compliance with all requirements which includes the Bank Act, to ensure the best interests of depositors, including enhanced due diligence in the selection process.
Universal Bank was seized in June after a corruption probe against former vice president Felipe "Pipo" Virzi (1994-1999), when the bank ignored a request by the prosecution and made transactions for over 12 million dollars, when they were told to freeze transactions.

GeoBlue

Top-quality coverage for people who live, work, study and travel internationally.
Get Quote

GeoBlue

Top-quality coverage for people who live, work, study and travel internationally.
Get Quote

Living in Panama Guide

Our Guide to Living in Panama is a perfect primer for readers interested in Panama. Covers healthcare, cost of living, best places to live, residency, visas, real estate, moving tips and the pros and cons of living in Panama.

Panama Forum
Join our Panama forum to meet other expats and talk about living in Panama.

Contribute
Help other expats and newcomers by answering questions about the challenges and adventures of living in Panama.

Best Places to Live in Panama

If you're dreaming about living in Panama, here are the 15 Best Places to Live in Panama in 2023.

Healthcare in Panama

Expats have differing opinions about healthcare in Panama. Many advice against public hospitals and healthcare, but some recount good experiences. This article covers public vs private healthcare, cost of healthcare, obtaining prescription medications and much more.

Cost of Living in Panama

Expats in Panama enjoy a relatively low cost of living. However, it's important to do your research to make sure you'll actually enjoy those saving while creating a high quality of life as an expat in Panama.

Moving to Panama Guide

Do you have to buy a round trip ticket when moving to Panama? How difficult is it to bring my dog? Should I buy a home in Panama? Can I find health

Real Estate in Panama

Real estate listings in popular cities and towns in Panama.

Pros & Cons of Living in Panama

Take off your rose-colored glasses and learn what expats have to say about the biggest challenges and the greatest rewards of living in Panama.

Retiring in Panama

Advice for people retiring in Panama.

Panama Visa & Residency Guide

This article covers the ins and outs of the most common tourist and residency visas that expats and global nomads obtain when moving to and living in Panama.

10 Tips for Living in Panama

If you've recently arrived in Panama, here are 10 tips for digital nomads living in Panama.

Additional Information:

Visit our Panama Index for a Full List

GeoBlue

Top-quality coverage for people who live, work, study and travel internationally.
Get Quote

GeoBlue

Top-quality coverage for people who live, work, study and travel internationally.
Get Quote

Contribute
Help others in Panama by answering questions about the challenges and adventures of living in Panama.