Banco Universal on the selling block

THE TROUBLED Banco Universal went up for sale on Monday August 10, to protect the interests of depositors.The bank’s name has surfaced in several recent corruption scandals.

 The largest shareholders are the Virzi family, whose patriarch, former vice-president Felipe Virzi, faces numerous charges related to alleged acts of corruption during the last government.
Banco Universal’s reorganization board initiated the procedure of selling the entity by sending letters to all banks holding a general license so that they can participate in the sale of the entity.
The bank could be sold as a single entity or see its various portfolios sold individually.
Interested parties will have partial access to the bank’s financial records during the initial stages.
In June, the Superintendency of Banks ordered the suspension of Banco Universal’s operations after detecting non-compliance and policy decisions that put its deposits at risk.
Entities interested in acquiring the operations of will have 20 days from Monday to submit their offers The process will take up to four months.