Banking Board suspends Territorial Bank’s operations

As detailed in a statement issued by the Superintendency of Banks and Insurances, the bank has been considered impractical due to its liquidity and solvency problems.

After the announcement of suspension of operations, the superintendent of banks, Pedro Solines, in an interview with TC, guaranteed customer deposit and said that within 15 days, the problem will be solved.

Pedro Solines

“Maybe before 15 or maximum 15 days, the Territorial Bank customers will become customers of other banks who are in good health,” he said.

Moreover Solines said that the law states that if the banking resolution stage is unsuccessful in 15 days “from the 16th day the Insurance of Deposits Corporation will pay to all customers a maximum amount of $ 31,000 which is the coverage for their deposits” .

“Of the whole depositors of the Territorial Bank, more than 99.2% are under that amount,” said

Territorial Bank. Members of the National Police guard the building.

As part of the closure, this morning, at 09h00, the National Police arrived at the offices of the Territorial Bank’s building, located in downtown Guayaquil. The bank is being guarded by 10 policemen.