CFN Studies the possibility of bond exchange for shares of PNB 2012-2030

Camilo Saman

The National Finance Corporation (CFN) analysed a possible swap of the 2012 and 2030 bonds for shares of Pacific National Bank (PNB), a subsidiary of Pacific Bank in Miami, as part of the sale of the company.

In a confidential document, sent by CFN to the Finance Ministry last year, it was explained that a financial advisor in Florida (USA), who was interested in organizing bondholders to offer the course exchange, contacted the Pacific Bank.

The Finance Minister, Patricio Rivera said that these actions seek that the Pacific continue with its process along with the company interested in “buy back” those bonds. However, the document does not specify the name of the firm.

The newspaper El Comercio on the viability of the initiative presented by the CFN consulted the President of the CFN, Camilo Saman, but so far he has refused to answer a questionnaire sent by the daily the past January 10.

Gutemberg Vera

Moreover, the public credit area of the ministry confirmed: “The previous year, the Ministry of Finance rejected this proposal because it is part of the Government’s strategy on global bonds 2012 and 2030.” In the event that the sale could not be carried out, the deadline would be extended, prior an agreement between the parties, otherwise the bank would go into liquidation.

The lawyer who provides advice for the sale, Gutemberg Vera, confirmed its work during a press conference in which he said that he provided advice on the establishment of the trust to which were transferred the shares of Pacific National Bank (PNB).