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Banco Elca Assets To Be
Auctioned
What ever happened to Banco Elca?
The private bank that the
Consejo Nacional de Supervisión
del Sistema Financiero conociera
un estudio elaborado por la
Superintendencia General de
Entidades Financieras (SUGEF) -
the banking regulator - shut
down last year?
Following months of speculation
after the SUGEF intervention of
June 2004, the bank was declared
insolvent. Depositors and
investors were left holding the
bag, as the banking regulator
worked at picking up the pieces
of what was left of the private
bank.
This week, the SUGEF announced
that the Banco Interfin, another
private bank, will sell off the
assets of Banco Elca, including
the head offices located in
Sabana Oeste. Some us$1.3
million dollars of properties
will come to auction on December
2.
Carlos Alvarado, president of
the bank, still remains in
preventive detention.
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