Superintendence of Banking, Insurance and AFP (SBS), Through resolution number 02477-2024, the intervention was announced this Thursday, July 11 Sulana Municipal Fund, due to the deterioration in its solvency.
In the description, the entity argues that, at the end of 2023, the financial entity maintained deficiencies in credit risk management and saw a continued deterioration in its solvency level.
Friday 12 July
4:41 pm
Caja Piura: “Your funds are guaranteed”
The manager of Caja Piura, José Arias, addressed the clients of the former Caja Sullana and indicated that “Your funds are fully guaranteed and will be taken care of in all Caja Piura agencies.” It is noteworthy that they were Two savings banks that entered the competition to win the Caja Sulana customer portfolio.
“We are very happy with this news. We still have a lot of hard work to do, we want a little patience, but eventually they will be fully integrated and absorbed by Caja Piura.He added.
4:18 pm
SBS announces that Caja Sulana’s customers will move to Caja Piura
The Superintendent of Banking and Insurance (SBS) announced that Caja Piura will be the entity in charge of the deposits and credit portfolio of Caja Municipal de Sullana’s clients.
Patricia Rojas, Innovation Manager at Caja Piura, indicated that starting Monday, the service protocol will be activated to serve Caja Sullana customers through the call center.
For his part, SBS Deputy Superintendent Jorge Mogrovejo indicated that 2023 was a very complicated year for the municipal savings bank system, as they were affected by inflation, increases in interest rates, the economic recession and rains.
“All these factors came together and the financial margins of savings banks became smaller, even those savings banks that had higher profits had lower margins last year”In a press conference ixed mentioned the closure of Kaja Sulana due to the depletion of its assets.
2:36 pm
The Municipality of Sulana will initiate legal action against the Board of Directors of Kaza
Through a statement, the Provincial Municipal Council put to sleepis the majority shareholder of Sleep BoxIndicated that the status of the financial entity is a product “Due to mismanagement and alleged malicious acts Its Board of Directors and Joint Management.
,In view of this the Mayor has been authorised Marlem Mogollon Maize Take legal action to defend the interests of savers and the Provincial Municipality of Sullana, as well as initiate procedures and complaints against the members of the Board of Directors and Joint Management and others who are responsible for bringing the Fund to this situation.”The statement said.
2:31 PM
The entity that will absorb the Caja Sulana portfolio will be announced today
SBS is scheduled to hold a press conference today at 3:30pm where it will announce the financial entity that will take charge of the deposits and credit portfolio of Caja Municipal de Sulana’s customers.
2:08 PM
Kaja Sulana’s intervention will not affect the financial system
central reserve bank (BCR) It was reported today that the intervention of the Superintendent of Banking, Insurance and AFP (SBS) The Sulaana Municipal Savings and Credit Fund will have no impact on the financial system.
“We don’t think this will have any general impact on the financial system, which remains fairly solid and with ample liquidity”said Adrian Armas, Central Manager of Economic Studies at the BCR.
12:57 pm
Deposit Insurance Fund
sbs has interfered Sleep Box, Bearing the cause established in paragraph 4 of Article 104 of the General Banking Law, which arises when a financial entity presents an accelerated deterioration in its solvency.
In this regard, it is worth remembering that the said institution has updated the maximum amount of coverage Deposit Insurance Fund (FSD)Which regulates the financial system corresponding to the quarter from June to August 2024.
12.38 pm
Aftermath of the intervention in Caja Sulana: prohibition
The rule also states that it is prohibited:
- a) start against Municipal Savings and Credit Bank of Sulana SA Not to intervene in judicial or administrative processes for the recovery of debts under his charge, nor to execute judicial resolutions issued.
- b) Place a lien on your assets, as a guarantee for your obligations.
- c) take precautionary measures on the company’s assets, and precautionary measures issued prior to its resolution should be lifted. maintenance,
- d) Make payments or assume obligations against your assets, nor buy, sell or take possession of movable or immovable property related to your fixed assets or your permanent financial investments. Exceptions are necessary expenses to ensure the continuity of the company and others authorized by the Program Administrator at the request of this Superintendent.
12:32 pm
Submission to the intervention arrangement of Kaja Sulana has been made official
Through SBS Resolution No. 02478-2024The submission of Caja Sulana to the intervention regime and its participation in the subprogram to facilitate the corporate restructuring of institutions specialized in microfinance were made official this Friday.
Thursday 11 July
3:50 PM
Association of Municipal Savings Banks
President of the Peruvian Federation of Municipal Savings and Credit Banks (FEPCMAC), George SolisUsers were asked this afternoon for peace of mind Sleep Box,
“The Deposit Insurance Fund is an entity responsible for supporting and guaranteeing the savings of all savers in the regulated financial system and the amount covered by the Deposit Insurance Fund is similar to the coverage for banks,” The media was informed.
2:58 PM
“Kaza Sulana is not being liquidated”
Solis assured that Caja Sullana “is not being abolished” and “It will not reach the state of liquidation” Because there will be an absorption process, i.e., savers will recover all their savings. The deposit insurance amount is currently S/ 122,500.
2:47 PM
The new financial institution must respect savers’ contracts
Jorge Carrillo, a professor and finance expert at the Pacifico Business School, said that the new entity that takes over the asset portfolio must respect the terms of the contracts signed by savers with Caja Sullana. For example, if someone receives an interest of 7%, it must be maintained. Unless the conditions change through a new contract between the saver and the new financial institution.
2:30 pm
“The closure of Caja Sullana will have no impact on Peru’s financial system”
Jorge Solis, president of FEPCMAC, assured that the intervention of SBS in Caja Sulana “will not affect the financial system.” Likewise, he reiterated that the savings of customers would be guaranteed. However, he assured that “it was coming,” referring to the expiration of said box.
2:22 PM
“The municipal coffers are solvent and the case of Sulana is an exception”
President of FEPCMACJorge Solis assures that the matter Sleep Box This is somewhat exceptional, since municipal savings banks in Peru have a global capital average of 13.78%, that is, “savings banks are financially solvent.”
The intervention of Caja Sulana has caused great uncertainty among customers. Photo: Andina.
1:50 PM
Tomorrow it will be known which financial entity will absorb Kaja Sulana
According to comments by Jorge Solis, this Friday, July 12, it will be known which financial institution will absorb Caja Sullana. “The news will come tomorrow,” he indicated in a press conference.
Kaja Sulana was interrogated by SBS.
1:40 PM
What weakened Kaja Sulana?
According to Solis, he said that the El Niño event that occurred in 2017 weakened the solvency of this fund because the North was the most affected region. “It affected the system”; held.
Sleep Box
1:20 PM
“Savings are safe”
Jorge Solis Espinoza said that the savings of the contributors Sleep Box They are supported and will not be a problem.
Sulana municipal box, windows
1:10 PM
Users request information
Caja Sullana users in Piura and other cities in the region and in Tumbes are surprised and worried after the recent statement issued. Superintendence of Banking, Insurance and AFP (SBS) on the intervention of this financial entity due to problems of economic solvency.
Also read: Kaja Sulana intervenes: What impact does this have on customers and what should they do?
Alejandro Bravo, among those affected, expressed his concern: “We have clothes and money stored in boxes, and now we don’t know when or how we can get it back. “This is my family’s heirloom, and we need quick answers.”
February 6, 2013. 10 years ago. Sulana’s carriage overtakes Trujillo.
1:00 pm
Kaja Sulana’s deposits will go to another financial institution
Caja Sulana participated in a program to strengthen the assets of microfinance institutions, from which it received S/202 million, said Jorge Mogrovejo, deputy superintendent of banking and microfinance at SBS.
However, the rules of this program also authorize SBS to transfer all covered and non-covered deposits Deposit Insurance Fund To another financial institution, he explained. Read the full note here,
Interior of the municipal box in Sulana.. (Photo: GEC)
12:30 PM
Caja Sulana ceases operations
At the headquarters in Block 4 of Jiron Cusco in Cercado de Lima, there is a immobilization order, where no one can enter or leave the headquarters.
According to the RPP, about 20 staff at the agency and two SBS representatives were seen inside.
According to information from SBS, Kaja Sulana has approximately 922,000 depositors. Similarly, the net portfolio of the financial entity is S/1,660 million. Read the full note here,
Also read: When is it defined that Kaja Sulana’s deposits will go to another financial entity?
12:00 PM
Why did Kaja Sulana intervene?
sbs indicated that Permanently monitoring the economic and financial situation of the Bank, in which it was necessary to take actions to improve its management and solvency, among other aspects, in order to guarantee its stability and profitability.
“SBS has intervened in this Siemac Sullana The reason for the intervention established in point 104 of article 4 of the General Law of the Financial System and the Insurance System and the Organization of the Superintendence of Banking and Insurance – Law No. 26702 and its amendments”, The organization explained in a recent statement.
“The above-mentioned reason arises when a financial entity presents a rapid deterioration in its solvency”He added.