Ecuador: Banking authority attempting to sell assets of Banco Territorial

Posted on March 19, 2013 • Filed under: Business, Ecuador

Since yesterday morning, the doors were closed Territorial Bank. According to the Superintendency of Banks and Insurance (SBS), the reasons were liquidity and solvency problems dragged since 2009.

Faces of concern and hastily changed the routine calls from customers of the financial institution, who learned of the cessation of operations of the entity in a document attached to a wall-attributed to SBS-, which meant “(…) to adequately protect public deposits Territorial Bank, pursuant to which such financial institution has been considered impractical for solvency and liquidity problems, has ordered the suspension of operations. ”

This action was confirmed by Peter Solines, Superintendent of Banks, who was in Guayaquil to address this issue. He said the bank has 79,000 customers, of which 78,500 have deposits of less than $ 31,000. This means that 99.3% of users could recover 100% of their savings, as the covers Deposit Insurance Corporation (COSEDE). Read Article

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