Banex Nicaragua Definitive Closure
The banking regulator has requested shareholders to begin the liquidation process of the financial institution.
Thursday, August 5, 2010
The head of Nicaragua's Banking and Finance Regulator (SIBOIF), Víctor Urcuyo, has said that the decision does not impact on the bank's customers since, "the vast majority have already received their money".
The Nicaraguan Association of Micro-Finance Institutions (ASOMIF) has offered to assist in the recovery of Banex.
The move will mean the closure of 10 branches and the loss of 50% of its staff.
The bank closed 5 branches, while it awaits a potential $32 million recapitalization.
18 international creditors will assume control of Banex’s (Banco del Éxito) loan portfolio.
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