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Regulator extends Balboa Bank's reorganization ahead of sale to Corporación BCT

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Regulator extends Balboa Bank's reorganization ahead of sale to Corporación BCT

Panama's banking regulator has extended the reorganization period of Balboa Bank & Trust Corp. by eight days to Oct. 20, providing more time to finalize the troubled lender's sale.

The extension comes just days after Superintendencia de Bancos de Panamá, or SBP, approved Balboa Bank's sale to Costa Rica-based Corporación BCT SA, which won a bidding process for Balboa Bank in June.

The regulator has also ordered Balboa Bank to comply with a plan for the bank's reopening and the normalization of its operations under BCT's control.

The SBP took administrative and operational control of Balboa Bank in May 2016 after the company was sanctioned by U.S. authorities for alleged ties to a Panama-based money laundering network.

Balboa Bank was removed from the U.S. Treasury Department's special designations list for narcotics earlier in October.