Banco Universal selling period ends

OFFERS from banks and financial institutions interested in buying the operations of Banco Universal, once the hub of alleged questionable transactions  involving ex-vice-president  “Pipo” Virzi and other members of the Ricardo Martinelli inner circle,ended Monday, Octpber 12.

The Superintendency of Banks of Panama ordered the takeover and reorganization of the bank on July 1 due to financial irregularities and to protect depositors.

The Banco Universal Reorganization Committee started receiving  offers from banks interested in acquiring its assets on Aug. 10. A group of shareholders has also shown an interest in bidding.

Now begins  the process of evaluation by financial consultants hired by the reorganization committee.