WILLEMSTAD - On September 3 of the current year, the BOD Financial Group decided to liquidate the Banco del Orinoco NV, as part of a strategic decision in view of the impossibility of operating regularly in the jurisdiction of Curaçao. Subsequently, the Central Bank of Curaçao requested an emergency measure in order to control the liquidation process, contravening the legitimate decision of the shareholders of said Bank.
Considering mainly the actions of the Central Bank of Curaçao, the Superintendence of Banks of Panama in the exercise of its powers, has decided to participate actively in the review of the assets that AllBank Corp maintains in the Bank of Orinoco NV, through an administration process for a period of 30 days, which implies the temporary cessation of bank operations.
The Superintendence of Banks of Panama has been able to repeatedly verify the financial health of AllBank Corp and the ability to meet the requirements of its customers, resulting in this disproportionate measure and to the detriment of depositors and savers of the Institution. This decision not only affects the reputation and trust of the Financial Group, but also the availability of their clients' resources.
The BOD Financial Group, in its 62 years of experience, has worked in full compliance with the laws and regulations of the jurisdictions where it maintains operations, so they reiterate to all their customers that the strength of AllBank Corp is guaranteed and they are executing actions to reverse as soon as possible the measure agreed by the Superintendence of Banks of Panama and normalize operations immediately for the benefit of their customers.