Banco National responds to $1.328 billion lawsuit reports

Banco Nacional has reacted to publications that have appeared in the last week about the admission, by the Third Chamber of the Supreme Court  Justice, of a lawsuit against the entity and the Panamanian State, assuring that the case has no legal basis.

They explain that the Bank simply acted as trustee in accordance with the instructions received by the settlors for the fulfillment of credit obligations with the 10 creditor banks, limiting itself to executing the instructions established in the contract voluntarily signed by the parties.

“ Banco Nacional de Panamá maintains that it carries out its banking and fiduciary operations in full adherence to the Law, to good faith, to the uses and customs of the market, and to the applicable regulations. All the clients of the Institution attend voluntarily in search of the products and services, since Banco Nacional de Panamá guarantees full, honest, and professional attention”, the statement says.

First phase 
It adds: “Throughout its 118 years of history, it has defended itself in law from each and every one of the legal actions that have been directed against it, defending the heritage of all Panamanians.”

They clarify that it is only the admission of the claim, and since this is the first phase of the entire process, it does not represent a sentence against them. 

The defense strategy will be in charge of the Administration Prosecutor in his capacity as State lawyer, to whom the banking institution entrusts its integral defense. “It is important to emphasize that, being Banco Nacional de Panamá, a State entity created by Law, its insolvency or bankruptcy is legally unfeasible, therefore, impossible. However, a process like the one being discussed can have a significant impact and cause very serious damage to the Panamanian State and consequently to the national economy”, they point out.

They conclude by indicating that as the first financial institution in the country, it assures its clients and citizens in general that it trusts that legal certainty will be respected, that justice will prevail, and that it will continue to work in a sustained and continuous manner, providing banking services to citizens.