ALERT! Caja Piura extends its service to former Caja Sullana customers starting July 25

The Superintendency of Banking, Insurance and AFP (SBS) recently intervened in the Sullana Municipal Savings and Credit Bank due to the “accelerated deterioration of its solvency”. As a result, the clients of this entity, together with all its assets and liabilities, have been transferred to the Piura Boxwhere they will be seen on July 25.

LOOK: Cocktails Case: Mark Vito’s Lawyer: “His only crime has been being Keiko Fujimori’s husband” (LIVE)

In a statement released on the night of Sunday, July 21, Caja Piura reported that the key date for former Caja Sullana customers will be the July 25th. From today, customers will be able to carry out their transactions at certain service points in the Caja Piura branch network.

The bank also assured that all savings and credit payments are guaranteed, thus providing customers with peace of mind about the integrity of their accounts. The communication also clarified that service to new customers will be carried out gradually. In a first stage, priority will be given to savings account customers, followed by credit holders and, finally, to suppliers and other partners.

Caja Piura said it will serve Caja Sullana customers starting July 25. (Photo: Facebook)

What happened to Caja Sullana?

SBS intervened the Caja Municipal de Ahorro y Crédito Sullana due to a significant deterioration in its solvency. The financial institution had not fulfilled its financial obligations in a timely manner, which led to the reduction of its assets by more than 50% in the last year.

As part of the intervention, thousands of clients of the bank, both in Lima and Piura, will be transferred to Caja Piura. The SBS implemented a program to strengthen assets that will allow the intervened entity to hold a competition to select who will take over the management of the remaining assets and liabilities.

The Asset Strengthening Program grants the SBS the power to transfer a block of assets that includes both deposits covered and not covered by the Deposit Insurance Fund (FSD). The selection process will be carried out through a competition between municipal savings banks that meet specific requirements. If a winner is designated, clients will not have to wait for compensation from the FSD, but will become clients of the winning savings bank.

The entity has identified a series of internal and external factors that contributed to the crisis at Caja Sullana. Internal problems include deficiencies in risk management, credit granting policy and the internal control system. As for external factors, the entity faced significant challenges such as states of emergency, COVID-19, social conflicts and weather phenomena.

Peru21 ePaper, enter here and try it for free.