Weston to buy Stanford

Actualizado
  • 23/06/2009 02:00
Creado
  • 23/06/2009 02:00
PANAMA. There are rumors that the new buyers of Stanford Bank in Panama is Weston Funding S. A. headed by the former general manager o...

PANAMA. There are rumors that the new buyers of Stanford Bank in Panama is Weston Funding S. A. headed by the former general manager of HSBC Panama, Joseph Salterio.

Reliable sources said that Weston Funding whose head office is in New York is currently negotiating the purchase of the ailing bank.

Before the deal can go ahead it has to be approved by a court in Dallas and the process could take several weeks.

Weston Funding was created in 1988 and Salterio, who has been in the banking business for 35 years, could be a key player in the negotiations.

Last Friday, Stanford Bank Panama’s administrator Jaime De Gamboa, asked the Panamanian Bank Superintendent for an extra 60 days citing extraordinary circumstances to be able to reorganize the financial institution, so the new owners would be able to take over the operations without any further delays.

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