CMAC Sullana was part of a Microfinance Institutions Asset Strengthening Program.
The Superintendency of Banking, Insurance and Pension Fund Administrators (SBS) announced today that, in compliance with its constitutional duty to protect the interests of savers and maintain the stability of the financial system, it has intervened in the Caja Municipal de Ahorro y Crédito de Sullana due to an “accelerated deterioration of its solvency.”
Caja Sullana failed to comply with the cause established in numeral 4 of article 104 of the General Law of the Financial System and the Insurance System and Organic Law of the Superintendency of Banking and Insurance – Law No. 26702 and its amendments.
The SBS argues that the financial institution had inadequate credit risk management at the end of 2023 and was experiencing a constant deterioration in its solvency level. Therefore, its financial situation was being monitored and it was asked to take measures to guarantee its stability and profitability.
Source: Larepublica
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