Following the disappearance of Caja Sullana from the system due to insolvency, sources from the Peruvian Federation of Municipal Savings and Credit Banks (Fepcmac) confirmed.
Caja Piura will absorb the client portfolio of the defunct Caja Sullana, after the Superintendency of Banking, Insurance and AFP (SBS) announced its intervention due to an accelerated deterioration of its insolvency, confirmed sources from the Peruvian Federation of Municipal Savings and Credit Banks (Fepcmac).
As of May 31, 2024, Caja Sullana had a portfolio of almost one million deposits corresponding to natural persons, and according to the SBS, the clients of the defunct municipal bank will automatically become part of Caja Piura.
“Caja Piura won because it has the best solvency and liquidity,” Jorge Mogrovejo, deputy superintendent of the SBS, told the press. He added that the integration will be easier given its regional proximity.
According to the Peruvian Federation of Municipal Savings and Credit Banks (Fepcmac), this entity will hold all of Caja Sullana’s assets and liabilities. Therefore, clients’ funds and resources will not be compromised, and will not be affected by the Deposit Insurance Fund (DIF): your money will not be lost.
Until its demise, Caja Sullana was part of the Microfinance Institutions Asset Strengthening Program, presented by the Ministry of Economy and Finance (MEF) in May 2023, in order to guarantee the continuity of its operations.
Source: Larepublica
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