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Fitch withdraws Balboa Bank ratings amid money laundering charges

Fitch Ratings on July 22 withdrew Balboa Bank & Trust Corp.'s ratings due to a lack ofinformation after Panamanian banking regulator SBP suspended the bank's operations in May due to alleged linksto a money laundering network.

The SBP ordered the bank's reorganization on July 4, which couldinclude its sale to a new operator, aimed at minimizing bank client losses and reducingnegative impacts on the banking system. The regulator's action reportedly followedthe bank's sanctioning by the U.S. Treasury Department.

The bank's long- and short-term ratings were placed at D(pan)prior to the ratings withdrawal, Fitch noted.