On Thursday, July 11, the Superintendency of Banking, Insurance and AFP (SBS) intervened in the Municipal Savings and Credit Fund (CMAC) Sullana due to the high deterioration of its solvency, generated by deficiencies in risk management, its credit granting policy and its internal control system.
These internal factors were aggravated by the coronavirus pandemic, political uncertainty and weather phenomena, according to the SBS. Thus, the effective assets of Caja Sullana fell in May to S/173.6 million, 54.55% less than in the last 12 months, and that is why the intervention took place.
According to data from the SBS, As of May, Caja Sullana had 909,602 clients as individuals and 1,133 legal entities, and participated in 0.52% of total deposits in the financial system and 4.05% in the microfinance system.
What will happen to Caja Sullana clients’ money?
A competition will be held by invitation, in which, in its first stage, municipal savings banks that meet certain requirements in terms of asset volume, solvency and quality of risk management will participate. The winner will be announced on Friday, July 12, and will receive a block of assets and liabilities of Caja Sullana.
The SBS specifies that this package will contain all deposits, whether or not they are covered by the Deposit Insurance Fund, which amounts to a maximum of S/121,500.
In plain English: the money depositors in Caja Sullana can be withdrawn from this Friday, July 12, or, if they wish, they can keep it in the winning bank, which must respect the terms and conditions agreed with the intervened entity.
What happens if I requested a loan from Caja Sullana?
Natural or legal persons with loans from Caja Sullana must make their payments according to the established schedule.
In the coming days, the SBS will announce the channels for answering questions about loan payments or other obligations.
Source: Larepublica
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