The Superintendency of Banks of Panama (SBP) participated in the First Supervisory College of two Colombian financial conglomerates: Grupo Aval and Grupo Boliva, an activity led by the Financial Superintendency of Colombia (SFC, for its acronym in Spanish).
These Supervisory Colleges are the first to be held under a new methodology, after the entry into force of the law that grants powers to the SFC, which allows raising the supervision bar of financial conglomerates to the highest international standards, with a comprehensive assessment of their financial operations, such as Basel or international accounting standards.
The Supervisory Colleges respond to the need for a system in constant expansion, more complex and robust, whose entities have an important presence in the financial systems of the region, especially in Central America. At the same time, supervisory colleges make it possible to strengthen the supervisory framework of banking and insurance regulators.
These activities were attended by the supervisors from the countries where the groups have operational presence, members of the board of directors and senior management, as well as local and foreign subordinate entities of both financial groups.
For the Superintendent of Banks of Panama, Amauri A. Castillo, “these exercises are of great value, from the comprehensive perspective that we must have of a financial conglomerate and the particularities of each entity. In addition, being able to share experiences and opinions with other supervisors, especially during the last year, is of the utmost importance for our work.”
