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Panama's SBP approves sale of Balboa Bank & Trust to Costa Rica's BCT

Banking regulator Superintendencia de Bancos de Panamá on Oct. 6 said that it authorized the transfer of 100% of the shares of troubled Panamanian lender Balboa Bank & Trust Corp. to Costa Rica-based Corporación BCT SA.

The decision effectively seals the deal months after the Costa Rican company won a bidding process in June. Balboa's depositors approved the deal in July, but the regulator subsequently extended the reorganization process.

SBP said it would now give the company a 90-day transition period to normalize the bank's operations.

Balboa Bank has been under the SBP's administrative and operational control since May 2016, when the lender was sanctioned by the U.S. Treasury Department for alleged links to an extensive money laundering network.

BCT operates BCT Bank International SA in Panamá.