SBS intervenes in Caja Sullana due to “deterioration of its solvency”

The SBS will inform about the actions to be taken through its website or other means available to the public.

In accordance with the constitutional mandate to protect the interests of the saving public and the stability of the financial system, the Superintendency of Banking, Insurance and AFP of Peru (SBS) He spoke today, Thursday, July 11, at the Municipal Savings and Credit Bank of Sullana SA due to the “accelerated deterioration of its solvency.”

According to the investigation, Caja Sullana incurred in the cause of intervention established in numeral 4 of article 104 of the LawGeneral Law of the Financial System and the Insurance System and Organic Law of the Superintendence of Banking and Insurance – Law No. 26702 and its amendments. This means that The financial institution’s ability to meet its obligations is rapidly deterioratingwhich is worrying for its depositors and lenders.

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Financial institutions depend heavily on the trust of their customers and their ability to manage assets and liabilities efficiently. An accelerated deterioration in solvency can be caused by various factors, such as: liquidity problemssignificant losses, low-quality assets, investment losses or economic crises.

The CMAC Sullana was under a Asset Strengthening Program microfinance institutions. Under this program, the SBS may transfer a block of assets and liabilities to another financial institution through an invitation-to-bid tender. This block includes all deposits covered and not covered by the Deposit Insurance Fund.