The transfers of shares of the Pacific National Bank (PNB), a subsidiary of Banco del Pacífico in Miami, from the Central Bank of Ecuador to the National Finance Corporation (CFN for its Spanish acronym), which were ordered by the candidate-president Rafael Correa by executive Decree 941 of November 18, 2011, were not reported to U.S. regulators.
Since the PNB is a U.S. licensed bank, the law states that no person may acquire control of an insured bank without prior written notice to the Federal Corporation of Deposit Insurance.
For this procedure to be made, an agency notice of change of control must be filled, which includes basic data such as the name of the entity that will acquire the shares, and has to be delivered within 60 days.
But support information is also required for the change of shareholder, ie, the quality of banking supervision established in Ecuador and transparency of financial statements, in this case of the CFN, must be ensured.
Failure to comply with the requirements gave place to penalties such as imposed supervision orders and the imposition of a $ 7 million fine.