Regulatory Alerts2007-10-24 | CD-SIBOIF-505-1-OCTU24-2007Added · Updated
Norm for the Transformation of a Financial Company into a Bank
This regulation establishes the requirements and procedures for an authorized financial company to transform into a bank under the supervision of the Superintendence of Banks and Other Financial Institutions. The process requires submitting a formal application with shareholder resolutions and proof of compliance, followed by a decision from the Board of Directors within 120 days. To begin operations, the entity must submit additional documentation, including public deed testimonies and proof of minimum capital, within 180 days of authorization, or face the loss of the authorization and forfeiture of deposits to the state. The regulation also defines acceptable methods for meeting minimum capital requirements and repeals the previous resolution CD-SIBOIF-346-MAR16-2005.
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