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Monday, May 27 2019 @ 11:17 AM UTC

Suspending Operation of Stanford Bank

Money Mattersby Diego Quijano as translated by and edit by BigMike - The allegations of the U.S. Securities Commission (SEC) accused multimillionaire Robert Allen Stanford for alleged fraud worth $ 8 billion dollars. He owned Stanford Financial Group, which in turn owns the Stanford Bank. This action led local Panama depositors to began to withdraw their funds. In a statement to La Prensa yesterday, Ramon Martinez Stagg, CEO of Stanford Bank Panama said: "We have been prey to this collective panic that has caused international news, but it has nothing to do with the soundness of the bank or to the safety of our customers' deposits, which are well covered with highly liquid investments that can quickly convert cash. Therefore, we thought it more responsible for the Superintendent to take administrative control of the Bank to manage an orderly process of withdrawal, and to efficiently manage the bank's assets." The bank's executives also said yesterday that the rate of liquidity and capital adequacy requirements are above what is required by law and that its assets "very liquid" comfortably exceed its customers' deposits. "They are investments in instruments, primarily debt, that have high liquidity and whose prices are reflected at market value on our books, so they could quickly be convert into cash if necessary," continued Martinez Stagg . Stanford Bank (Panama) SA, began operations in the country in August 2003, has three branches and 66 employees.
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