Stanford Sale Awaits Closing

Stanford Sale Awaits Closing


Panama-based reinsurance company QBE del Itsmo and local tourism tycoon George Novey won the auction to acquire the country’s Stanford Bank operations, according to a banker involved in the process. He adds that the current bank president, Ramon Martinez, will stay on board. A lawyer working on retrieving Stanford assets in LatAm believes the sale price could be around $10m-$12m. Closing of the deal, however, has been waiting for approval from the receiver, Texas-based attorney Ralph Janvey, sin

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