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.
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.
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