The Panamanian regulator intervened in Atlas Bank

This Friday, Panama’s banking regulator took administrative and operational control over Atlas Bank (Panama) SA, a subsidiary of US company Atlas Fintech Holdings Corp, and appointed a temporary administrator to present alternatives in accordance with the situation in the bank.

The intervention is due to the “high concentration of assets housed and guarded by National Advisors Corp. (NAC), a brokerage house, in which the Securities Market Supervisory Authority of Panama (SMV) is currently intervening, which prevents access to said assets,” along with other “several aspects which require the bank’s immediate attention.”

The Banking Supervision of Panama (SBP) added in a statement that a temporary administrator has been appointed for a period of 30 days, which can be extended for the same period if necessary, who must present to the regulator “alternatives in accordance with the banking situation.”

These measures were “adopted with the aim of protecting and preserving the best interests of the bank’s depositors, as well as promoting public confidence in the banking system”, said the Supervisory Authority, which emphasized that the situation of Atlas Bank (Panama) SA “does not affect other banks established in to our Banking Center” in the country.

According to the data of the Supervisory Authority published on May 31, Atlas Bank (Panama) SA, the bank registered capital of 43,325,000 dollars from the United States.

Atlas Bank (Panama) SA is a bank with a general license that began operations on October 2, 2017. It has a payroll of 30 employees and two branches, with no ATMs (automatic teller machines) in its services.

The institution now involved is described on its social media as “a full-service bank focused on primary banking and private banking. Atlas Bank is a wholly owned subsidiary of Atlas Fintech Holdings Corp., a US company registered in the state of Delaware and headquartered in Tampa, Florida .