Banco Territorial in Ecuador liquidating

Online.wsj.com reported that-Banco Territorial S.A, the oldest bank in Ecuador, has entered a liquidation process one week after its operations were suspended, the banking regulator said late Tuesday. Pedro Solines, the country banking superintendent, told reporters that he has asked the Deposits Insurance Corporation, known as Cosede, to start returning insured deposits beginning next week through state-run bank Banco del Pacifico. Currently, the 127-year-old Banco Territorial has about 79,000 depositors, of which 78,000 have deposits of less than $31,000. The Ecuadorean deposits insurance guarantee system insures 100% of deposits up to $31,000. Read Article
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Eluniverso.com reported April 3, 2013, that individuals are not satisfied with the payment process of obtaining their funds and that complaints are continuing. Read Article