trending Market Intelligence /marketintelligence/en/news-insights/trending/ehejholvn0fvminclmznhq2 content esgSubNav
In This List

Banco Unión regional manager quits amid embezzlement allegations

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook

Blog

Banking Essentials Newsletter 2021: December Edition


Banco Unión regional manager quits amid embezzlement allegations

Bolivia-based Banco Unión SA said Mery Nancy Suarez Parada stepped down as regional manager for Santa Cruz, effective May 21.

In its securities filing, the bank did not state any reason for Suarez's departure. In a separate filing, the bank said Marcelo Renzo Jiménez Córdova was named as her replacement.

However, according to a report by local newspaper El Deber, CEO Rolando Marín said Jiménez replaced Suarez in her post amid a probe on the alleged embezzlement of 800,000 bolivianos of funds in a branch in Santa Cruz.

In October 2017, President Evo Morales fired the previous CEO, Marcia Villarroel, after she was found responsible for the embezzlement of 37.6 million bolivianos from the bank. Following the controversy, the bank overhauled its board of directors.

As of May 23, US$1 was equivalent to 6.93 Bolivian bolivianos.