Balboa Bank and Trust
| Founded | 2003 |
|---|---|
| Type | Private |
| Location |
|
President | Ramón Fernández Quijano |
Key people | Ramón Martínez Stagg (CEO) |
| Affiliations | BalboaTrader |
| Website |
balboabanktrust |
Balboa Bank & Trust is a financial institution based in the Banking Center of the Republic of Panama. It is a subsidiary of Strategic Investors Group, Inc., a company registered under the laws of the Republic of Panama. The bank offers savings accounts, checking accounts, time deposits, money market accounts, debit cards, trust services, credit cards, and MasterCard cards.[1]
History
Balboa Bank & Trust, Corporation was incorporated on December 23, 2002 under the laws of the Republic of Panama, under public deed No.8299, as Stanford Bank (Panama), S. A. On April 1, 2005, the Superintendence of Banks of Panama granted the Bank a General Banking License under Resolution SB.No.033-2005.In March 2010, full control of shares of the Bank was ceded to Strategic Investors Group, Inc, and on April 21, 2010, the Superintendence of Banks of Panama authorized the change of the Bank's legal name to Balboa Bank & Trust Corp.[2][3]
Balboa Bank & Trust Corp. started business on May 31, 2012. In October 2012, the Parent Company acquired 100% of the shares of Banco Transatlántico S.A. The two banks were merged on December 28, 2012, with Balboa Bank & Trust, Corp. remaining the surviving entity.
Based on Article 131 of Panamanian Banking Law, on May 5, 2016 the Superintendence of Banks of Panama orders the seizure of administrative and operating control of Balboa Bank & Trust Corp. effective the same day.[4]
This decision was adopted as the result of the actions taken by the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) against the so-called “Waked Economic Group” due to Mr. Nidal Waked is one member of the board of directors.
Overview
The Executive Board of the group is composed of
- Ramón Fernández Quijano as president
- Arturo del Valle Cueto as vice president
- Julianne Cannavaggio as secretary
- Dennis T. Lindo as treasurer
- Guillermo Romagosa as director,
- Nidal Waked as director
- Roberto Roy Ortega as director
- Ricardo Fábrega as director
- Jaime de Gamboa as external director
- Alberto Villageliú as external director
- Antonio del Valle as alternate director
- Ramón Fernández Morales as alternate director
[5] With the acquisition and merger with Banco Transatlántico, the Balboa Bank & Trust increased its balance from $120 million (USD) in 2011 to $424 million (USD) in 2012, closing the year with a credit portfolio of $250 million (USD) and client deposits of $375 million (USD). Additionally, its capital base increased from $14.5 million (USD) in 2011 to $34.6 million (USD) in 2012, according to the report on its financial state.
Services
In addition to general services provided by any bank Balboa Bank & Trust provides loans, such as commercial loans, credit lines, commercial mortgage loans, overdrafts, letters of credit, interim construction loans, surety bonds, heavy equipment loans, and warranties and promise letters. The company was founded in 2003 and is based in Panama City, Panama. As of March 2010, Balboa Bank & Trust Corp. operates as a subsidiary of Strategic Investors Group, Inc.[6]
References
- ↑ "Balboa Bank rises from the ashes of Stanford Bank with profits in Jul-Aug". BNAmericas. Retrieved 24 December 2014.
- ↑ "Company Overview of Balboa Bank & Trust Corp.". Bloomberg Businessweek.
- ↑ "SEC Sells Stanford Bank in Panama for $14.2 Million". Latin American Herald Tribune. Retrieved 24 December 2014.
- ↑ "Seizure of Control of BALBOA BANK & TRUST CORP.", PanamaBanks.info, Panama, 14 May 2016.
- ↑ "Transatlántico y Balboa, unión natural". Impresa. Retrieved 23 January 2015.
- ↑ "Balboa Bank Buys Banco Transatlántico". Central America. Retrieved 27 December 2014.