Regulatory Alerts2018-02-26
Instruction - Notice - Total or Partial Sale of Assets and Patrimonial Elements of Banco Privado de STP
The Central Bank of São Tomé and Príncipe (BCSTP) has opened a public tender for the total or partial sale of assets, liabilities, and off-balance sheet items of Banco Privado de São Tomé and Príncipe to preserve financial stability and protect taxpayers and depositors. Authorized financial intermediaries must submit definitive, binding proposals within 30 days of publication, adhering to Article 17 of Law 6/2015 and Articles 12 and 13 of Norm 15/2017. Following the BCSTP's selection of an acquirer, the sale must be finalized within five days, with all process documentation available for public review between March 1 and March 25.
NOTICE PROPOSER(S) | ENTRY INTO FORCE | ISSUE DATE | DOC NO. | FL 1/1 D.S.F
Subject: Total or Partial Sale of Assets and Patrimonial Elements of Banco Privado de São Tomé and Príncipe
Within the framework of the resolution measure applied to Banco Privado de São Tomé and Príncipe, in light of Resolution No. 04/CAE/2018 dated February 11, and with the objective of preserving financial stability, safeguarding the interests of taxpayers, public funds, and depositor confidence, the Central Bank of São Tomé and Príncipe (BCSTP) hereby announces that a public tender is open for the Total or Partial Sale of the Assets, Liabilities, and Off-Balance Sheet Items of the aforementioned banking institution.
Under Law 6/2015 "Law on Special Measures for the Sanitation, Resolution and Liquidation of Banking Institutions", published in the Official Gazette No. 165 on December 30, authorized banking institutions engaged in financial intermediation may participate in the aforementioned tender.
Definitive and binding proposals must be submitted to the BCSTP within a maximum period of 30 (thirty) days from the publication of this notice, and the process must comply with the requirements defined in Article 17 of the aforementioned Law, combined with Articles 12 and 13 of Permanent Application Norm No. 15/2017 "Measures within the Scope of Resolution".
It is further informed that, in observance of the principles of transparency and equitable treatment of interested parties, information related to the process will be available for consultation at the BCSTP during the period from March 1 (one) to March 25 (twenty-five) of the current year.
Following the BCSTP's decision regarding the acquirer, a maximum period of 05 (five) days is set to finalize the sale under the aforementioned terms.
Additional clarifications may be obtained from the Directorate of Supervision of Financial Institutions, via the following contact details: E-mail: dsbs@bcstp.st Telephone: +239 2243700
Central Bank of São Tomé and Príncipe, February 22, 2018.
Reviewed | Revocation Data: 26/02/2018 | 26/02/2018 | 01/2018