New Regulation on Transfer of Asset Portfolio

This article was first published on The International Law office at www.internationallawoffice.com

The Superintendence of Banks has recently adopted Regulation No.2-2004 of December 29, 2004 for purposes of regulating the acquisition asset portfolio and/or assignment of deposits of a locally licensed bank by another banking institution.

The Superintendence has determined that an acquisition in which there is "significant impact", defined as a transfer of at least 25% of the assets and/or liabilities from the seller to the buyer in an individual transaction, must obtain the prior approval of the Superintendence of Banks.

The interested party in the acquisition transaction must file a petition before the Superintendence and attach several documents listed in the resolution. The Superintendence has a term of 15 calendar days to review it and issue its decision to approve it or not.