13 groups interested in Waked bank

THIRTEEN BANKS  have shown an interest in acquiring Balboa Bank & Trust Corp a former cornerstone of the Waked family until all its businesses were put on the Clinton list.

The  Superintendency of Banks of Panama (SBP) has extended the reorganization of for 90 days starting Nov. 1.

The SBP said that there have been 13 banking groups – 11 local and two foreign – interested in the purchase of the bank.

The SBP said that the reorganization will be completed within 90 days, which may be extended at the request of officials in charge of the process.

Stakeholders will conduct a financial assessment of Balboa Bank & Trust, Corp. to formulate their respective proposals.

Subsequently, the SBP will evaluate and negotiate bids from interested parties to complete the transaction.

The SBP took administrative control of the bank in May when it was placed on a sanctions list by the U.S. government due to its ties to Nidal Waked.

Waked is accused of money laundering on behalf of drug cartels.

He is being held in Bogota, Colombia, waiting to be extradited to the United States.

Due to its inclusion on the list, the bank cannot engage in any transactions with entities from the United States.

The bank has a special license that allows it to operate to facilitate its reorganization process.