The Superintendency of Banks of Panama (SBP) participated in the First Supervisory College conducted to Grupo Sura – Bancolombia Financial Conglomerate, led by the Financial Superintendency of Colombia (SFC, for its acronym in Spanish).
The virtual session is part of a series of Supervisory Colleges of financial conglomerates, following the entry into force of the law that granted SFC powers to raise the bar of these economic groups to the highest international standards, with a comprehensive view of their financial operations.
This Supervisory College was attended by representatives of 12 banking supervisory authorities and insurance companies, as well as executives, members of the Board of Directors and Senior Management of both Grupo Sura – Bancolombia and affiliate domestic and foreign entities.
The execution of the First Supervisory College of Grupo Sura – Bancolombia financial conglomerate enhances the financial conglomerate’s coordinated and comprehensive view of in the current situation, which allowed identifying the impact caused by the COVID-19 pandemic in regards to the level of reserves, capital and profitability in insurance, banking and third-party asset management entities that comprise it, always aiming for the stability of the system as a whole, in accordance with the recommendations of the European Central Bank and The Office of the Superintendent of Financial Institutions (OSFI) of Canada, as stated in the press release issued by the Financial Superintendency of Colombia.
It is worth noting that the new Supervisory College format has used for the first time a scheme of industry-related working groups and discussion panels, leveraged by the interaction of regional supervisors.
