Through a press conference, Jorge Mogrovejodeputy superintendent of Banking and Finance of the Superintendency of Banking, Insurance and AFP (SBS), pointed out the bank that won the public competition that will absolve Sullana Box. This fact occurs after the SBS announced the insolvency of this entity after evaluating its performance in the last year. Before making the decision, the dissolved company resorted to the Program to strengthen the assets of microfinance institutions.
Caja Sullana was a Peruvian microfinance institution that offered services financial such as savings, credit, and other financial products to individuals and small businesses. Its main objective is to promote financial inclusion in rural and urban areas, contributing to the economic development of its clients.
Caja Sullana: why did the SBS declare its insolvency and dissolve the fund?
After an evaluation, the Superintendency of Banking, Insurance and AFP, determined that Caja Sullana lost its heritage The bank’s cash flow fell by 54.55% last year. This translates into S/173.6 million in losses, which was noted by the entity. The intervention was aimed at protecting the interests of depositors and ensuring the stability of the financial system. The absorption of its client portfolio by Caja Piura was a measure to guarantee the continuity of financial services to Caja Piura’s clients. Sullana Box.
According to the Periana Federation of Municipal Savings and Credit Banks (Fepcmac), the savers’ resources will not be lost. This is because the bank has the Deposit Insurance Fund (DIF).
Caja Piura to absorb Caja Sullana: what will happen to the savings and when will they be delivered?
The Superintendency of Banking, Insurance and AFP (SBS) declared the dissolution of Caja Sullana due to serious financial problems that compromised its operation. Caja Piura will assume the client portfolio of Caja Sullana, ensuring the protection of savings and deposits. SBS has guaranteed that Caja Sullana customers will not lose their funds and that the transition will be smooth. fluidDetails on the delivery of savings will be provided shortly through the official channels of Caja Piura and the SBS.
What is SBS?
The Superintendency of Banking, Insurance and AFP (SBS) is an autonomous public entity that supervises and regulates the financial system, the insurance market and the private pension systemIts mission is to guarantee the stability, solvency and transparency of these entities, protecting the interests of depositors, policyholders and affiliates. The SBS establishes standards, supervises compliance with regulations and adopts corrective measures in the event of financial or management problems in the institutions under its supervision.
What are the functions of the SBS?
The functions of the Superintendency of Banking, Insurance and AFP (SBS) include:
- Supervision and Regulation: monitor and regulate the financial system, the insurance market and the private pension system to ensure their stability and solvency.
- Consumer protection: protect the interests of depositors, policyholders and affiliates, ensuring transparency and efficiency in the financial market.
- Normative: issue rules and regulations with which supervised entities must comply.
- Corrective measures: implement corrective actions when financial or management problems are detected in the institutions under their supervision.
Source: Larepublica
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