Pacific National Bank would no longer be Ecuadorian

“The Pacific National Bank (PNB) still belongs to the state?” That question is asked in the last edition of the Vanguardia magazine (No. 378), by realizing that Paola Román, general auditor of the Pacific Bank group, in a letter sent to the head of the Bank of Guayaquil, Humberto Moya, leaves “clarity on what was the situation of the bank of Miami before national authorities. ”

According to the magazine and the audit Román, the Pacific Bank Group met all reports from its subsidiaries except for the PNB, being that the reason of the Trust Agreement, signed on April 4, 2012 that made the PNB “no longer to be a shareholder and under the signed trust agreement, has no basis to provide information that is confidential and nonpublic to third parties …“.

Vanguardia also attributed Marta Pérez-Pendas, General Counsel of PNB, to have given the legal argument to cease the delivery of information, since on a written statement of hers notice that “as a result of the executionof the Trust Contract and subsequent actions, Pacific Bank of Ecuador is no longer shareholders of the PNB and therefore, the PNB has no basis to provide information and reports delivered in the past.”

The magazine has called a meeting with the president of the National Finance Corporation, Camilo Samán, to clarify the issues, however the answer received was: “Since the sale of the PNB is a topic of interest in the entire nation and because it is being conducted by by North American institutions, it is clear that information cannot be given to the media until the process is concluded.”

Camilo Samán