Deposit causes controversy in sale process of PNB

A deposit of $ 168,856,000 of the Banco del Pacifico Ecuador in the Pacific National Bank (PNB), headquartered in Miami, wake uncertainty and controversy because seven days remain until the deadline for the forced sale of the financial institution (March 28), ordered by the U.S. supervisory authorities, and the fate of that money is publicly unknown.

In an article published in the South Florida Business Journal, PNB president, Carlos Fernandez Guzman explained that in the case of deposits held by the Bank of Ecuador in the PNB, these are being used for external liquidity and their U.S. transactions.

Carlos Fernandez Guzman

Also Guzman notes that it is uncertain whether these deposits will remain in the bank after the sale or not.

The permanence or not of these deposits in the PNB is what would generate controversy in the sales process, which is about to meet its primary term.

Meanwhile the National Finance Corporation (CFN), sole shareholder of the Banco Pacifico de Ecuador, warns that those $ 168,800,000 can not remain under the control of U.S. banks, while the trustee, Robert Barnett, responsible of the sale of the PNB, wants to keep that money for three years.