Jorge Eduardo Sanchez accuses Sugoff of calling for his sacking during Kupchavez merger

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Jorge Eduardo Sánchez Sibaja, president of Banco Popular (BP), has questioned the General Superintendent of Financial Entities (Sugef)’s recommendation to dismiss him and two other board members, despite the entity’s recent decision to absorb 80.5 percent of the Coopeservidores’ “good bank”.

Sánchez highlighted the work done by BP’s board and senior management in providing relief to thousands of people and strengthening the country’s financial system, and in taking the decision to bear the brunt of the cooperative’s declaration that it was not viable.

“Today, regulation itself has given the central bank authorities confidence to carry out large-scale processes on the market, such as the recent acquisition of a significant part of the Coopeservidores portfolio (…). It should be noted that this (the request for removal) is at least contradictory.” nation.

The bank president’s uneasiness stems from confidential letter SGF-2345-2024, dated July 30, in which Sugef president Rocío Aguilar requested his dismissal, as well as directors María Clemencia Palomo Leyton and Eduardo Navarro Ceciliano, because they did not meet the experience requirements for their positions.

Sanchez did not prove he had held a managerial or senior management position for at least eight of the past 10 years. In the case of Palomo and Navarro, they must have at least three years of experience in managerial and executive positions, but Sugoff said they did not meet that requirement.

been: Sugoff recommends govt sack Public Bank president and two other directors

Aguilar sent the letter to Sánchez a day before the National Financial System Supervision Commission (Conassif) approved Banco Popular’s proposal to absorb Coopeservidores’ 411.58 billion pounds of assets and an equal amount of liabilities. The authorization allows for the full payment to depositors and investors of up to 6 million pounds of secured deposits, and up to 50% of unsecured funds exceeding the aforementioned amount.

Sugef’s request was made under the Regulations on Suitability and Performance of Members of Governing Bodies and Senior Management. Starting from 2022, What Allow regulatory authorities It is recommended that directors and managers who fail to comply with these provisions be removed.

Public Bank in trouble due to corporate governance flaws Financial Irregularities 1 According to reports, since January 15 last year, Sugef informed the entity of its risk assessment results. nation.